EX-12.1 2 t1500898_ex12-1.htm EXHIBIT 12.1

 

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES 

 

The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early.  We have calculated the ratio of earnings to fixed charges by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges.

 

  Year Ended December 31,   Three Months Ended
March 31,
  2010   2011   2012   2013   2014   2014   2015
 

(in thousands)

                                         
Income from continuing operations before income taxes $58,436    $52,606    $120,698    $172,521    $221,349    $55,829    $43,052 
Interest expense  90,602     86,899     106,096     92,048     126,869     30,043     43,089 
Income before fixed charges $149,038    $139,505    $226,794    $264,569    $348,218    $85,872    $86,141 
                                         
Capitalized interest $22    $139    $240    $190    $    $    $20 
Interest expense  90,602     86,899     106,096     92,048     126,869     30,043     43,089 
  Total fixed charges $90,624    $87,038    $106,336    $92,238    $126,869    $30,043    $43,109 
Earnings / fixed charge coverage ratio  1.6x    1.6x    2.1x    2.9x    2.7x    2.9x    2.0x