EX-12.1 3 exhibit121-ratioofearnings.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Calculation of Ratios of Earnings to Fixed Charges

 
 
Twelve Months Ended December 31,
 
(In thousands)
2017
2016
2015
2014
2013
 
Earnings
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$
(314,198
)
$
(108,138
)
$
20,205

$
(36,619
)
$
212,489

 
Adjustment to remove equity income from joint ventures, net of dividends received
$
60,001

$
(4,280
)
$
21,072

$
8,726

$
1,995

 
Fixed charges (from below)
$
27,407

$
4,140

$
2,534

$
682

$
634

 
Non-controlling interests in income
that have not incurred fixed charges
$
(809
)
$
(567
)
$
(196
)
$
(366
)
$
(289
)
 
Total Earnings, as defined
$
(227,599
)
$
(108,845
)
$
43,615

$
(27,577
)
$
214,829

 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
Interest expense (A)
$
26,305

$
3,796

$
2,338

$
492

$
462

 
Estimated interest component of
rental expense (B)
$
1,102

$
344

$
196

$
190

$
172

 
Total Fixed Charges, as defined
$
27,407

$
4,140

$
2,534

$
682

$
634

 
 
 
 
 
 
 
 
Ratios of Earnings to Fixed Charges
N/A

N/A

17.2

N/A

338.8

 
 
 
 
 
 
 
 
Coverage excess / (deficiency)
$
(255,006
)
$
(112,985
)
$
41,081

$
(28,259
)
$
214,195

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Interest expense includes interest associated with our lending arrangements and amortization of debt issuance costs. Capitalized interest was not material during the periods presented.
 
 
 
 
 
 
 
 
 
(B) The interest portion of rent expense was calculated using our incremental borrowing rate during the periods presented.