EX-12.1 2 sfi-12312012xex121.htm EXHIBIT 12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
($ in thousands, except ratios)

| For the Years Ended December 31,
| 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Earnings: |  |  |  |  |  |  |  |  |
Pre-tax income from continuing operations before earnings from equity method investments and other items (1) | $ | (407,258 | ) |  | $ | (153,762 | ) |  | $ | (250,537 | ) |  | $ | (793,786 | ) |  | $ | (322,646 | )
Add: Fixed charges as calculated below | 359,845 |  |  | 348,664 |  |  | 349,041 |  |  | 485,624 |  |  | 671,304 |
Add: Distributions of earnings from equity method investments | 105,586 |  |  | 85,766 |  |  | 32,650 |  |  | 36,766 |  |  | 48,196 |
Less: Capitalized interest | (1,794 | ) |  | (788 | ) |  | (466 | ) |  | (263 | ) |  | (2,501 | )
Total earnings | $ | 56,379 |  |  | $ | 279,880 |  |  | $ | 130,688 |  |  | $ | (271,659 | ) |  | $ | 394,353 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense (2) | $ | 356,161 |  |  | $ | 345,914 |  |  | $ | 346,500 |  |  | $ | 481,116 |  |  | $ | 666,706 |
Add: Capitalized interest | 1,794 |  |  | 788 |  |  | 466 |  |  | 263 |  |  | 2,501 |
Implied interest component on the company's rent obligations | 1,889 |  |  | 1,962 |  |  | 2,075 |  |  | 4,245 |  |  | 2,097 |
Fixed charges | $ | 359,844 |  |  | $ | 348,664 |  |  | $ | 349,041 |  |  | $ | 485,624 |  |  | $ | 671,304 |
Preferred dividends | 42,320 |  |  | 42,320 |  |  | 42,320 |  |  | 42,320 |  |  | 42,320 |
Fixed charges and preferred dividends | $ | 402,164 |  |  | $ | 390,984 |  |  | $ | 391,361 |  |  | $ | 527,944 |  |  | $ | 713,624 |
Earnings to fixed charges (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Earnings to fixed charges and preferred dividends (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |

Explanatory Notes:
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(1) | Prior period presentation has been restated to conform to current period presentation.

(2) | For the years ended December 31, 2012, 2011, 2010, 2009 and 2008, interest expense includes $1,064, $3,728, $32,734, $69,227 and $51,173, respectively, of interest expense reclassified to discontinued operations.

(3) | For the years ended December 31, 2012, 2011, 2010, 2009, and 2008 earnings were not sufficient to cover fixed charges by $303,465, $68,784, $218,353, $757,283 and $276,951, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $345,785, $111,104, $260,673, $799,603 and $319,271, respectively.