EX-12.1 3 d463820dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended December 31,																				Six Months Ended
		2012				2013				2014				2015				2016				June 30, 2017
		(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		$	73,787			$	62,174			$	65,912			$	371,122			$	66,480			$	39,315
Capitalized interest			(3,891	)			(13,324	)			(13,785	)			(17,068	)			(26,576	)			(11,907	)
Depreciation of capitalized interest			302				1,190				2,109				3,247				5,019				2,907
Distributions from 50% or less owned companies carried at equity			38,809				46,564				75,528				97,468				87,220				40,191
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees		$	109,007			$	96,604			$	129,764			$	454,769			$	132,143			$	70,506
Fixed charges
Interest on long-term debt		$	40,923			$	48,583			$	66,772			$	99,730			$	138,737			$	74,091
Capitalized interest			3,891				13,324				13,785				17,068				26,576				11,907
Rental expenses representative of an interest factor			5,383				6,919				9,485				9,208				10,477				5,238
Total fixed charges		$	50,197			$	68,826			$	90,042			$	126,006			$	175,790			$	91,236
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		$	159,204			$	165,430			$	219,806			$	580,775			$	307,933			$	161,742
RATIO OF EARNINGS TO FIXED CHARGES			3.2				2.4				2.4				4.6				1.8				1.8