EX-12.1 2 star-12312013xex121.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,
| 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  |  |  |  |  |  |  |  |
Pre-tax income from continuing operations before earnings from equity method investments and other items(1) | $ | (255,574 | ) |  | $ | (409,242 | ) |  | $ | (150,820 | ) |  | $ | (253,818 | ) |  | $ | (785,647 | )
Add: Fixed charges as calculated below | 270,872 |  |  | 359,844 |  |  | 348,664 |  |  | 349,041 |  |  | 485,624 |
Add: Distributions of earnings from equity method investments | 17,252 |  |  | 105,586 |  |  | 85,766 |  |  | 32,650 |  |  | 36,766 |
Less: Capitalized interest | (2,590 | ) |  | (1,794 | ) |  | (788 | ) |  | (466 | ) |  | (263 | )
Total earnings | $ | 29,960 |  |  | $ | 54,394 |  |  | $ | 282,822 |  |  | $ | 127,407 |  |  | $ | (263,520 | )
Fixed charges: |  |  |  |  |  |  |  |  |
Interest expense(2) | $ | 266,225 |  |  | $ | 356,161 |  |  | $ | 345,914 |  |  | $ | 346,500 |  |  | $ | 481,116 |
Add: Capitalized interest | 2,590 |  |  | 1,794 |  |  | 788 |  |  | 466 |  |  | 263 |
Implied interest component on the company's rent obligations | 2,057 |  |  | 1,889 |  |  | 1,962 |  |  | 2,075 |  |  | 4,245 |
Fixed charges | $ | 270,872 |  |  | $ | 359,844 |  |  | $ | 348,664 |  |  | $ | 349,041 |  |  | $ | 485,624 |
Preferred dividends | 49,020 |  |  | 42,320 |  |  | 42,320 |  |  | 42,320 |  |  | 42,320 |
Fixed charges and preferred dividends | $ | 319,892 |  |  | $ | 402,164 |  |  | $ | 390,984 |  |  | $ | 391,361 |  |  | $ | 527,944 |
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, 2013, 2012, 2011, 2010 and 2009, interest expense includes $0, $1,064, $3,728, $32,734 and $69,326, respectively, of interest expense reclassified to discontinued operations.

(3) | For the years ended December 31, 2013, 2012, 2011, 2010 and 2009 earnings were not sufficient to cover fixed charges by $240,912, $305,450, $65,842, $221,634 and $749,144, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $289,932, $347,770, $108,162, $263,954 and $791,464, respectively.