EX-12.1 2 sfi-12312012xex121.htm EXHIBIT 12.1 SFI-12.31.2012-Ex12.1



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:
_______________________________________________________________________________

(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.