Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividends
(in thousands)
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Earnings: |
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| Income before income taxes |
99,808 | 180,210 | 130,908 | 84,272 | 57,694 | 29,160 | ||||||||||||||||||
| Add fixed charges |
43,161 | 89,785 | 84,388 | 51,783 | 891 | 642 | ||||||||||||||||||
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| Total earnings (A) |
142,969 | 269,995 | 215,296 | 136,055 | 58,585 | 29,802 | ||||||||||||||||||
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| Fixed charges (1): |
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| Interest on Senior Notes |
29,044 | 69,300 | 69,300 | 46,615 | — | — | ||||||||||||||||||
| Interest on Line of credit and term loans |
8,476 | 7,081 | 7,835 | 673 | — | — | ||||||||||||||||||
| Amortization of debt issuance costs |
4,406 | 11,620 | 5,790 | 3,625 | — | — | ||||||||||||||||||
| Interest on lease and vehicles |
1,235 | 1,784 | 1,463 | 870 | 891 | 643 | ||||||||||||||||||
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| Total fixed charges (B) |
43,161 | 89,785 | 84,388 | 51,783 | 891 | 643 | ||||||||||||||||||
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| Earnings to fixed charges ratio (A/B) |
3.31 | 3.01 | 2.55 | 2.63 | 65.75 | 46.39 | ||||||||||||||||||
| Preferred dividend inclusive of accretion to preferred stock on gross basis (C) |
35,335 | 44,240 | 38,448 | 31,485 | — | — | ||||||||||||||||||
| Earnings to combined fixed charges and preferred stock dividends ratio [A/(B+C)] |
1.82 | 2.01 | 1.75 | 1.63 | 65.75 | 46.39 | ||||||||||||||||||
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| (1) | Fixed charges do not include the impact of loss on extinguishment of debt and interest associated with uncertain tax positions. |