Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| (in thousands except ratios) | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| Income before income taxes |
$ | (16,120 | ) | $ | 80,096 | $ | 119,531 | $ | 264,334 | $ | 129,793 | |||||||||
| Add: Fixed charges |
87,193 | 85,902 | 63,441 | 52,581 | 43,304 | |||||||||||||||
| Add: Amortization of capitalized Interest |
4,538 | 4,380 | 1,526 | 1,037 | 1,353 | |||||||||||||||
| Less: Capitalized Interest |
(8,526 | ) | (10,058 | ) | (13,274 | ) | (9,877 | ) | (5,395 | ) | ||||||||||
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| Earnings before fixed charges |
$ | 67,085 | $ | 160,320 | $ | 171,224 | $ | 308,075 | $ | 169,055 | ||||||||||
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| Fixed Charges: |
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| Interest expense, net of capitalized interest |
$ | 78,396 | $ | 75,581 | $ | 49,994 | $ | 42,516 | $ | 37,706 | ||||||||||
| Capitalized interest |
8,526 | 10,058 | 13,274 | 9,877 | 5,395 | |||||||||||||||
| Portion of rental expense representative of an interest factor |
271 | 263 | 173 | 188 | 203 | |||||||||||||||
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| Total fixed charges |
$ | 87,193 | $ | 85,902 | $ | 63,441 | $ | 52,581 | $ | 43,304 | ||||||||||
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| Ratio of earnings to fixed charges (1) |
0.8 | 1.9 | 2.7 | 5.9 | 3.9 | |||||||||||||||
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| (1) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million. |