EX-12.1 4 a2221292zex-12_1.htm EX-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 Six
Months Ended

 

For the Years Ended December 31,

 

 

 

June 30, 2014

 

2013

 

2012

 

2011

 

2010

 

2009

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before earnings from equity method investments and other items(1)

 

$

(79,437

)

$

(255,574

)

$

(409,242

)

$

(150,820

)

$

(253,818

)

$

(785,647

)

Add: Fixed charges as calculated below

 

117,319

 

270,872

 

359,844

 

348,664

 

349,041

 

485,624

 

Add: Distributions of earnings from equity method investments

 

10,939

 

17,252

 

105,586

 

85,766

 

32,650

 

36,766

 

Less: Capitalized interest

 

(1,939

)

(2,590

)

(1,794

)

(788

)

(466

)

(263

)

Total earnings

 

$

46,882

 

$

29,960

 

$

54,394

 

$

282,822

 

$

127,407

 

$

(263,520

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(2)

 

$

113,986

 

$

266,225

 

$

356,161

 

$

345,914

 

$

346,500

 

$

481,116

 

Add: Capitalized interest

 

1,939

 

2,590

 

1,794

 

788

 

466

 

263

 

Implied interest component on the company’s rent obligations

 

1,394

 

2,057

 

1,889

 

1,962

 

2,075

 

4,245

 

Fixed charges

 

$

117,319

 

$

270,872

 

$

359,844

 

$

348,664

 

$

349,041

 

$

485,624

 

Preferred dividends

 

25,660

 

49,020

 

42,320

 

42,320

 

42,320

 

42,320

 

Fixed charges and preferred dividends

 

$

142,979

 

$

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:

 

(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 six months ended June 30, 2014, earnings were not sufficient to cover fixed charges by $70,437 and earnings were not sufficient to cover fixed charges and preferred dividends by $96,097. 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.