Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Three months ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Pretax income (loss) from continuing operations |
$ | 140,910 | $ | (269,607 | ) | $ | 261,239 | $ | 183,470 | $ | 130,080 | $ | 359,535 | |||||||||||
| Fixed charges (see below) |
41,712 | 167,062 | 122,612 | 87,826 | 77,494 | 67,106 | ||||||||||||||||||
| Interest capitalized |
(7,520 | ) | (57,556 | ) | (48,676 | ) | (33,388 | ) | (54,508 | ) | (39,950 | ) | ||||||||||||
| Amortization of capitalized interest |
2,454 | 7,611 | 6,949 | 6,687 | 4,727 | 3,484 | ||||||||||||||||||
| Preferred dividend requirements |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total adjusted earnings available for payment of fixed charges |
$ | 177,556 | $ | (152,490 | ) | $ | 342,124 | $ | 244,595 | $ | 157,793 | $ | 390,175 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expensed and capitalized |
$ | 40,266 | $ | 161,490 | $ | 118,470 | $ | 84,105 | $ | 74,579 | $ | 64,829 | ||||||||||||
| Amortization of capitalized expenses related to indebtedness |
248 | 972 | 1,057 | 1,057 | 1,057 | 1,057 | ||||||||||||||||||
| Rental expense representative of interest an factor |
1,198 | 4,600 | 3,085 | 2,665 | 1,859 | 1,220 | ||||||||||||||||||
| Preferred dividend requirements |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
$ | 41,712 | $ | 167,062 | $ | 122,612 | $ | 87,826 | $ | 77,494 | $ | 67,106 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges |
4.3 | (0.9 | ) | 2.8 | 2.8 | 2.0 | 5.8 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||