EX-12.1 5 d13328dex121.htm EX-12.1

EX-12.1

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

		Year ended December 31,
		2011(1)				2012(1)				2013(1)				2014(1)				2015
Earnings
Net (loss) income (controlling & non-controlling share of subsidiaries)		($	376,421	)		($	311,116	)		$	35,480			$	124,002			$	405,460
Add: income tax expense (recovery)			4,290				(14,406	)			2,872				10,173				(16,767	)
Add: loss (income) from equity investees			35,309				(79,211	)			(136,538	)			(128,114	)			(102,871	)
Add: fixed charges			157,761				209,694				200,931				262,596				271,396
Add: amortization of capitalized interest			4,461				5,849				5,382				4,851				5,131
Add: dividends from equity investees			15,505				14,878				15,395				33,389				106,018
Less: interest capitalized			(8,100	)			(34,900	)			(14,600	)			(51,300	)			(22,000	)
Less: preference security dividends of subsidiaries			—				—				(7,461	)			(12,217	)			(19,312	)
Less: non-controlling interest expense			—				—				—				—				—
Earnings		($	167,195	)		($	209,212	)		$	101,461			$	243,380			$	627,115
Fixed Charges
Interest expensed		$	137,604.00			$	167,615.00			$	181,396.00			$	208,529.00			$	242,469
Interest capitalized			8,100				34,900				14,600				51,300				22,000
Estimated interest expense in charter hire expense			12,057				7,179				4,935				2,767				6,927
Fixed Charges		$	157,761			$	209,694			$	200,931			$	262,596			$	271,396
Ratios			<1.0x				<1.0x				<1.0x				<1.0x				2.31x

(1) The ratio of earnings to fixed charges was less than 1.0x.