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, |
|
|||||||||||||||||
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|||||
|
|
(in thousands except ratios) |
|
||||||||||||||||
|
|
(unaudited) |
|
||||||||||||||||
Income before income taxes |
$ |
80,096 |
|
|
$ |
119,531 |
|
|
$ |
264,334 |
|
|
$ |
129,793 |
|
|
$ |
(262,030 |
) |
Add: Fixed charges |
|
85,902 |
|
|
|
63,441 |
|
|
|
52,581 |
|
|
|
43,304 |
|
|
|
46,974 |
|
Add: Amortization of capitalized interest |
|
4,380 |
|
|
|
1,526 |
|
|
|
1,037 |
|
|
|
1,353 |
|
|
|
2,667 |
|
Less: Capitalized Interest |
|
(10,058 |
) |
|
|
(13,274 |
) |
|
|
(9,877 |
) |
|
|
(5,395 |
) |
|
|
(6,662 |
) |
Earnings before fixed charges |
$ |
160,320 |
|
|
$ |
171,224 |
|
|
$ |
308,075 |
|
|
$ |
169,055 |
|
|
$ |
(219,051 |
) |
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
$ |
75,581 |
|
|
$ |
49,994 |
|
|
$ |
42,516 |
|
|
$ |
37,706 |
|
|
$ |
40,087 |
|
Capitalized interest |
|
10,058 |
|
|
|
13,274 |
|
|
|
9,877 |
|
|
|
5,395 |
|
|
|
6,662 |
|
Portion of rental expense representative of an interest factor |
|
263 |
|
|
|
173 |
|
|
|
188 |
|
|
|
203 |
|
|
|
225 |
|
Total fixed charges |
$ |
85,902 |
|
|
$ |
63,441 |
|
|
$ |
52,581 |
|
|
$ |
43,304 |
|
|
$ |
46,974 |
|
Ratio of earnings to fixed charges |
|
1.9 |
|
|
|
2.7 |
|
|
|
5.9 |
|
|
|
3.9 |
|
|
|
— |
(1) |
(1) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2009 by $266.0 million. |