EX-12 4 v411803_ex12.htm EXHIBIT 12

Exhibit 12

Earnings to Fixed Charges

		First Quarter				Year Ended December 31,
		2015				2014				2013				2012				2011				2010
		(Dollars in Thousands)
Earnings:
Pre-tax income from continuing operations			$56,290				$197,131				$143,802				$37,635				$11,400				$84,149
(Loss) income from equity investees			(3,540	)			13,580				15,208				9,025				20,539				20,313
Pre-tax income (loss) from continuing operations before income (loss) from equity investees			59,830				183,551				128,594				28,610				(9,139	)			63,836
Fixed charges:
Interest Expense			5,479				22,086				22,538				18,872				18,259				18,616
Amortization of discount and expenses related to indebtedness			128				861				3,850				156				156				160
Portion of rents representative of interest factor			1,093				4,276				4,011				4,220				3,869				3,786
Total fixed charges			$6,700				$27,223				$30,399				$23,248				$22,284				$22,562
Distributed income of equity investees			-				13,427				15,409				10,676				20,216				11,601
Income, as adjusted			$66,530				$224,201				$174,402				$62,534				$33,361				$97,999
Ratio of earnings to fixed charges			9.9	x			8.2	x			5.7	x			2.7	x			1.5	x			4.3	x