EX-12.1 2 exhibit121-earningstofixed.htm EXHIBIT 12.1 Exhibit 12.1 - Earnings to Fixed Charge - 2014


 
 
 
 
 
 
 
 
 
 
Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
The following table sets forth our ratios of earnings to fixed charges for the periods presented (amounts in thousands).
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
2010
 
2011
 
2012
 
2013
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
$
(44,357
)
 
$
242,671

 
$
805,312

 
$
238,876

 
$
21,117

 
 
 
 
 
 
 
 
 
 
 
add:
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
1,777

 
88,278

 
122,535

 
117,704

 
138,623

 
 
 
 
 
 
 
 
 
 
 
Adjusted Earnings
 
$
(42,580
)
 
$
330,949

 
$
927,847

 
$
356,580

 
$
159,740

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest Expense (includes capitalized interest)
 
1,354

 
88,484

 
105,710

 
93,605

 
105,816

Amortization of debt discount and expense
 
67

 
3,174

 
9,806

 
6,479

 
7,828

Estimate of interest within rental expense
 
356

 
9,647

 
13,716

 
23,292

 
32,496

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
$
1,777

 
$
101,305

 
$
129,232

 
$
123,376

 
$
146,140

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (a)
 
—

 
 3.3x

 
 7.2x

 
 2.8x

 
1.1x

 
 
 
 
 
 
 
 
 
 
 
Coverage deficiency (b)
 
$
42,580

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
(a)
For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes and fixed charges (excluding interest capitalized during the period). Fixed charges consist of interest expense (including interest capitalized during the period), amortization of debt discount and deferred financing costs and the portion of rental expense that is representative of the interest factor in these rentals.
 
 
 
 
 
 
 
 
 
 
 
(b)
The earnings for the years ended December 31, 2010 were inadequate to cover fixed charges.