EX-12.1 5 a2222135zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Years Ended December 31,

 

Nine Months Ended
September 30, 

 

 

 

2013 (2)

 

2012

 

2011

 

2010

 

2009

 

2014

 

2013 (2)

 

 

 

(In thousands, except ratios)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

(400,841

)

$

(1,164,759

)

$

494,823

 

$

577,596

 

$

183,994

 

$

(417,851

)

$

(317,459

)

Plus: Fixed charges

 

230,637

 

152,463

 

108,594

 

22,723

 

23,808

 

223,257

 

163,476

 

Less: Interest capitalized during the period

 

(1,706

)

(7,677

)

(5,474

)

(1,363

)

(1,196

)

(378

)

(1,280

)

 

 

$

(171,910

)

$

(1,019,973

)

$

597,943

 

$

598,956

 

$

206,606

 

$

(194,972

)

$

(155,263

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

222,686

 

$

139,356

 

$

96,820

 

$

17,250

 

$

18,975

 

$

218,195

 

$

158,123

 

Plus:

Interest capitalized during the period

 

1,706

 

7,677

 

5,474

 

1,363

 

1,196

 

378

 

1,280

 

 

Interest portion of rental expense

 

6,245

 

5,430

 

6,300

 

4,110

 

3,637

 

4,684

 

4,073

 

 

 

$

230,637

 

$

152,463

 

$

108,594

 

$

22,723

 

$

23,808

 

$

223,257

 

$

163,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1)

 

n/a

 

n/a

 

5.51

 

26.36

 

8.68

 

n/a

 

n/a

 

 


(1) For the years ended December 31, 2013 and 2012, earnings were insufficient to cover fixed charges by approximately $402.5 million and $1,172.4 million, respectively.  For the nine months ended September 30, 2014 and 2013, earnings were insufficient to cover fixed charges by approximately $418.2 million and $318.7 million, respectively.

 

(2) During the second quarter ended June, 30, 2014, the Company corrected the classification of accelerated amortization of debt issuance costs that were recognized upon the extinguishment or partial extinguishment of debt during 2013 to present these amounts as a component of the gain or loss on extinguishment of debt.  This reclassification reduced interest expense for the nine months ended September 30, 2013 and the year ended December 31, 2013 by $11.2 million.