EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

	Year ended December 31,															Three Months Ended March 31,
	2011(1)			2012(1)			2013(1)			2014(1)			2015			2015			2016
Earnings
Net (loss) income (controlling & non-controlling share of subsidiaries)	($	376,421	)	($	311,116	)	$	35,480		$	124,002		$	405,460		$	43,852		($	39,200	)
Add: income tax expense (recovery)		4,290			(14,406	)		2,872			10,173			(16,767	)		(995	)		1,076
Add: loss (income) from equity investees		35,309			(79,211	)		(136,538	)		(128,114	)		(102,871	)		(20,749	)		(15,417	)
Add: fixed charges		157,761			209,694			200,931			262,596			271,396			62,271			78,857
Add: amortization of capitalized interest		4,461			5,849			5,382			4,851			5,131			889			2,154
Add: dividends from equity investees		15,505			14,878			15,395			33,389			106,078			45,000			—
Less: interest capitalized		(8,100	)		(34,900	)		(14,600	)		(51,300	)		(22,000	)		(8,945	)		(5,408	)
Less: preference security dividends of subsidiaries		—			—			(7,461	)		(12,217	)		(19,312	)		(2,719	)		(22,834	)
Earnings	($	167,195	)	($	209,212	)	$	101,461		$	243,380		$	627,115		$	118,604		($	772	)
Fixed Charges
Interest expensed	$	137,604		$	167,615		$	181,396		$	208,529		$	242,469		$	51,346		$	72,203
Interest capitalized		8,100			34,900			14,600			51,300			22,000			8,945			5,408
Estimated interest expense in charter hire expense		12,057			7,179			4,935			2,767			6,927			1,980			1,246
Fixed Charges	$	157,761		$	209,694		$	200,931		$	262,596		$	271,396		$	62,271		$	78,857
Ratios		<1.0x			<1.0x			<1.0x			<1.0x			2.3x			1.9x			<1.0x

(1) The ratio of earnings to fixed charges was less than 1.0x.