EX-12.1 5 d918128dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)

 

           Year Ended December 31,  
     Six Months Ended
June 30, 2015		     2014     2013     2012     2011     2010  
           (in thousands, except ratios)  

Earnings

             

Pre-tax income (loss)

    $ 1,428      $ (14,909 )    $ (148,254 )    $ 136,219      $ (501,766 )    $ 124,445   

Add: dividends received from equity investees

      348        681        707        571        307        163   

Less: noncontrolling interest income

      (1,187 )      (1,370 )      (2,219 )      (1,949 )      (3,961 )      (3,701 ) 

Less: income from equity investees

      (551 )      (270 )      (954 )      (517 )      (817 )      (614 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  38      (15,868 )    (150,720 )    134,324      (506,237 )    120,293   

Fixed charges:(2)

Interest expense, gross(3)

   6,537      11,602      10,686      10,115      36,794      54,904   

Interest portion of rent expense

   2,789      6,832      6,651      6,462      6,855      5,125   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

a) Fixed charges

   9,326      18,434      17,337      16,577      43,649      60,029   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

b) Earnings for ratio(4)

 $ 9,364    $ 2,566    $ (133,383 )  $ 150,907    $ (462,588 )  $ 180,322   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios:

Earnings to fixed charges (b/a)(5)

   1.0      N/A      N/A      9.1      N/A      3.0   

Deficit of earnings to fixed charges

   N/A    $ (15,868 )  $ (150,720 )    N/A    $ (506,237 )    N/A   

 

(1)  We had no preferred stock outstanding for any period presented and accordingly our ratio of earnings to combined fixed charges and preferred stock dividends is the same as our ratio of earnings to fixed charges for all periods presented.
(2)  Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
(3) Interest expense, gross, includes amortization of prepaid debt fees
(4) Earnings for ratio consists of income (loss) from continuing operations before income taxes, plus dividends received from equity method investments, less income from equity investees, less income attributable to noncontrolling interests.
(5) Earnings to fixed charges ratio is not calculated for years when the amount of fixed charges exceeds Earnings for ratio, as the ratio is less than 1:1.