EX-12.1 6 d572111dex121.htm EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS

(in thousands, except ratio data)

|  | Year Ended December 31, |
|  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |
EARNINGS (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income from continuing operations before noncontrolling interests and income from equity investees |  | $ | 62,174 |  |  | $ | 65,912 |  |  | $ | 359,371 |  |  | $ | 43,936 |  |  | $ | 6,827 |
add: Fixed charges |  |  | 68,826 |  |  |  | 90,042 |  |  |  | 130,358 |  |  |  | 180,519 |  |  |  | 211,213 |
add: Distributed income of equity investees |  |  | 46,564 |  |  |  | 75,528 |  |  |  | 103,982 |  |  |  | 129,088 |  |  |  | 121,274 |
add: Amortization of capitalized interest |  |  | 1,190 |  |  |  | 2,109 |  |  |  | 3,247 |  |  |  | 5,019 |  |  |  | 6,020 |
less: Capitalized interest |  |  | (13,324 | ) |  |  | (13,785 | ) |  |  | (17,068 | ) |  |  | (26,576 | ) |  |  | (15,022 | )
Total earnings |  | $ | 165,430 |  |  | $ | 219,806 |  |  | $ | 579,890 |  |  | $ | 331,986 |  |  | $ | 330,312 |
FIXED CHARGES (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest charged to expense and capitalized |  | $ | 48,583 |  |  | $ | 66,772 |  |  | $ | 104,082 |  |  | $ | 143,466 |  |  | $ | 181,489 |
Capitalized interest |  |  | 13,324 |  |  |  | 13,785 |  |  |  | 17,068 |  |  |  | 26,576 |  |  |  | 15,022 |
Portion of rent expense related to interest |  |  | 6,919 |  |  |  | 9,485 |  |  |  | 9,208 |  |  |  | 10,477 |  |  |  | 9,233 |
Total Fixed Charges |  |  | 68,826 |  |  |  | 90,042 |  |  |  | 130,358 |  |  |  | 180,519 |  |  |  | 205,744 |
Class A preferred unit distributions (2)(3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,469 |
Total Combined Fixed Charges and Preferred Unit Distributions |  | $ | 68,826 |  |  | $ | 90,042 |  |  | $ | 130,358 |  |  | $ | 180,519 |  |  | $ | 211,213 |
RATIO OF EARNINGS TO FIXED CHARGES (4) |  |  | 2.4x |  |  |  | 2.4x |  |  |  | 4.4x |  |  |  | 1.8x |  |  |  | 1.6x |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS (2)(4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.6x |

(1) | For purposes of computing the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred unit distributions, "earnings" consists of pre-tax income from continuing operations before income from equity investees plus fixed charges (excluding capitalized interest), distributed income of equity investees and amortization of capitalized interest. "Fixed charges" represents interest incurred (whether charged to expense or capitalized), amortization of debt expense (including discounts and premiums relating to indebtedness) and the portion of rental expense on leases deemed to be the equivalent of interest.

(2) | As no preferred units were outstanding for any of the years ended December 31, 2016, 2015, 2014 or 2013, no historical ratio of earnings to combined fixed charges and preferred unit distributions are presented for those years.

(3) | Distributions on our Class A convertible preferred units (the "Class A preferred units") were paid in additional Class A preferred units for the year ended December 2017. We issued 162,234 additional Class A preferred units in lieu of cash distributions of $5.5 million pertaining to the year ended December 31, 2017.

(4) | Ratios may not recalculate due to rounding.