EX-12.1 3 star-12312014xex121.htm EXHIBIT 12.1 STAR-12.31.2014-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,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before earnings from equity method investments and other items
$
(165,171
)
 
$
(255,574
)
 
$
(409,242
)
 
$
(150,820
)
 
$
(253,818
)
    Add: Fixed charges as calculated below
232,037

 
270,872

 
359,844

 
348,664

 
349,041

Add: Distributions from operations of equity method investments
80,116

 
17,252

 
105,586

 
85,766

 
32,650

Less: Capitalized interest
(4,893
)
 
(2,590
)
 
(1,794
)
 
(788
)
 
(466
)
Total earnings
$
142,089

 
$
29,960

 
$
54,394

 
$
282,822

 
$
127,407

Fixed charges:
 
 
 
 
 
 
 
 
 
    Interest expense(1)
$
224,483

 
$
266,225

 
$
356,161

 
$
345,914

 
$
346,500

    Add: Capitalized interest
4,893

 
2,590

 
1,794

 
788

 
466

Implied interest component on the company's rent obligations
2,661

 
2,057

 
1,889

 
1,962

 
2,075

Fixed charges
$
232,037

 
$
270,872

 
$
359,844

 
$
348,664

 
$
349,041

    Preferred dividends
51,320

 
49,020

 
42,320

 
42,320

 
42,320

Fixed charges and preferred dividends
$
283,357

 
$
319,892

 
$
402,164

 
$
390,984

 
$
391,361

    Earnings to fixed charges(2)
—

 
—

 
—

 
—

 
—

    Earnings to fixed charges and preferred dividends(2)
—

 
—

 
—

 
—

 
—


Explanatory Notes:
_______________________________________________________________________________

(1)
For the years ended December 31, 2012, 2011 and 2010, interest expense includes $1,064, $3,728 and $32,734, respectively, of interest expense reclassified to discontinued operations.
(2)
For the years ended December 31, 2014, 2013, 2012, 2011 and 2010 earnings were not sufficient to cover fixed charges by $89,948, $240,912, $305,450, $65,842 and $221,634, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $141,268, $289,932, $347,770, $108,162 and $263,954, respectively.