EX-12.1 6 d69007dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended December 31,																				Three Months Ended
		2010				2011				2012				2013				2014				March 31, 2015
		(in thousands, except ratio)
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees		$	(50,074	)		$	46,807			$	73,787			$	62,174			$	65,912			$	5,604
Capitalized interest			(84	)			(106	)			(3,891	)			(13,324	)			(13,785	)			(3,023	)
Depreciation of capitalized interest			36				43				302				1,190				2,109				578
Distributions from 50% or less owned companies carried at equity			6,482				20,028				38,809				46,564				75,528				258,902
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees		$	(43,640	)		$	66,772			$	109,007			$	96,604			$	129,764			$	29,061
Fixed charges
Interest on long-term debt		$	22,992			$	35,771			$	40,923			$	48,583			$	66,639			$	19,250
Capitalized interest			84				106				3,891				13,324				13,785				3,023
Rental expenses representative of an interest factor			3,904				4,570				5,383				6,919				9,485				2,175
Total fixed charges		$	26,980			$	40,447			$	50,197			$	68,826			$	89,909			$	24,448
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges		$	(16,660	)		$	107,219			$	159,204			$	165,430			$	219,673			$	53,509
RATIO OF EARNINGS TO FIXED CHARGES			—				2.7				3.2				2.4				2.4				2.2