EX-12.1 4 d374076dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our consolidated ratio of earnings to fixed charges for the periods shown:

 

     Three Months
Ended
March 31,		      Year Ended December 31,  

(dollars in thousands)

    2012      2011      2010      2009     2008      2007  

Ratio of earnings to fixed charges (1):

                 

Earnings from continuing operations before fixed charges:

                 

Income from continuing operations before income taxes, minority interest and income / loss from equity investees

    $ 111,647       $ 228,799       $ 123,332       $ (129,601 )    $ 491,034       $ 369,367   

Amortization of capitalized interest

      456         1,739         1,122         894        603         300   

Distributed income of equity investees

      2,634         3,242         11,150         6,006        17,272         —     

Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges

      —           —           —           —          —           —     
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Adjusted pre-tax earnings from continuing operations

      114,737         233,780         135,604         (122,701 )      508,909         369,667   

Fixed charges less capitalized interest

      31,862         72,994         56,480         49,702        45,498         47,347   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Earnings from continuing operations before fixed charges:

    $ 146,599       $ 306,774       $ 192,084       $ (72,999 )    $ 554,407       $ 417,014   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Fixed charges:

                 

Interest expenses, net of capitalized interest

    $ 29,652       $ 47,816       $ 32,526       $ 27,958      $ 25,535       $ 28,650   

Capitalized Interest

      2,405         7,093         2,737         2,912        3,110         1,535   

Amortized premiums, discounts and capitalized expenses related to indebtedness

      2,210         25,178         23,954         21,744        19,963         18,697   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total fixed charges

    $ 34,267       $ 80,087       $ 59,217       $ 52,614      $ 48,608       $ 48,882   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges (2)

      4.28         3.83         3.24         (1.39 )      11.41         8.53   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Notes

 

(1) 

The ratio was computed by dividing earnings by fixed charges. For this purpose, “earnings” represent the aggregate of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, amortization of capitalized interest, distributed income of equity investees, our share of pre-tax losses of equity investees, and fixed charges less capitalized interest.

(2) 

The ratio for the year ended December 31, 2009 indicates less than one-to-one coverage. The amount of this deficiency equates to $125.6 million.