EX-12.1 4 a14-6582_1ex12d1.htm EX-12.1

Exhibit 12.1

 

STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended December 31,

 

(in thousands)

 

2013

 

2012

 

2011

 

2010

 

2009

 

Net income (loss) before income taxes and non controlling interest

 

$

(220,798

)

$

86,683

 

$

34,702

 

$

(9,896

)

$

(130,044

)

 

 

 

 

 

 

 

 

 

 

 

 

Addback: (income) or loss from equity investees

 

42,320

 

(297

)

22,862

 

23,724

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

17,244

 

10,813

 

12,266

 

36,313

 

41,238

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

(161,234

)

$

97,199

 

$

69,830

 

$

50,141

 

$

(88,806

)

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

17,244

 

$

10,813

 

$

12,266

 

$

36,313

 

$

41,238

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earning to fixed charges(1)

 

—

 

9.0x

 

5.7x

 

1.4x

 

—

 

 

(1) If we consistently incur net losses before income taxes, we may not be able to maintain a ratio coverage of greater than 1:1. Due to our losses for the fiscal years ended December 31, 2009 and 2013, the ratio coverage in the respective years was less than 1.00 to 1.00. We needed to generate additional earnings of $130.0 million and $178.5 million for the fiscal years ended December 31, 2009 and 2013, respectively.