EX-12.1 3 d491203dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     9 months  
     2009     2010     2011     2012     2013     2014     2015     2016     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

    $ 8,471     $ (50,074 )    $ 46,807     $ 73,787     $ 62,174     $ 65,912     $ 371,122     $ 66,480     $ 40,470  

Capitalized interest

      (112 )      (84 )      (106 )      (3,891 )      (13,324 )      (13,785 )      (17,068 )      (26,576 )      (13,839 ) 

Depreciation of capitalized interest

      30       36       43       302       1,190       2,109       3,247       5,019       4,457  

Distributions from 50% or less owned companies carried at equity

      950       6,482       20,028       38,809       46,564       75,528       97,468       87,220       60,371  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

    $ 9,339     $ (43,640 )    $ 66,772     $ 109,007     $ 96,604     $ 129,764     $ 454,769     $ 132,143     $ 91,458  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

                   

Interest on long-term debt

    $ 13,736     $ 22,992     $ 35,771     $ 40,923     $ 48,583     $ 66,772     $ 99,730     $ 138,737     $ 125,557  

Capitalized interest

      112       84       106       3,891       13,324       13,785       17,068       26,576       13,839  

Rental expenses representative of an interest factor

      2,990       3,904       4,570       5,383       6,919       9,485       9,208       10,477       7,857  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 16,838     $ 26,980     $ 40,447     $ 50,197     $ 68,826     $ 90,042     $ 126,006     $ 175,790     $ 147,253  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

    $ 26,177     $ (16,660 )    $ 107,219     $ 159,204     $ 165,430     $ 219,806     $ 580,775     $ 307,933     $ 238,712  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      1.6       —         2.7       3.2       2.4       2.4       4.6       1.8       1.6