Exhibit 12.1
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
For the Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income from continuing operations | $ | 69,694 | $ | 29,100 | $ | 5,243 | $ | 5,670 | $ | 10,884 | ||||||||||
Fixed charges | 231,178 | 105,926 | 4,837 | 9,611 | 14,235 | |||||||||||||||
Dividends distributed to shareholders | 61,302 | 22,304 | 8,270 | 8,102 | 7,108 | |||||||||||||||
Equity investee adjustment | (185 | ) | (38 | ) | (174 | ) | (64 | ) | - | |||||||||||
Noncontrolling interest | - | 97 | (97 | ) | - | - | ||||||||||||||
Total Earnings | $ | 361,989 | $ | 157,389 | $ | 18,079 | $ | 23,319 | $ | 32,227 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 231,178 | $ | 105,926 | $ | 4,837 | $ | 9,611 | $ | 14,235 | ||||||||||
Total Fixed Charges | 231,178 | 105,926 | 4,837 | 9,611 | 14,235 | |||||||||||||||
Preferred stock dividends | 3,568 | - | - | - | - | |||||||||||||||
Total Combined Fixed Charges and Preferred Stock Dividends | $ | 234,746 | $ | 105,926 | $ | 4,837 | $ | 9,611 | $ | 14,235 | ||||||||||
Ratio of earnings to fixed charges | 1.57 | 1.49 | 3.74 | 2.43 | 2.26 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.54 | 1.49 | 3.74 | 2.43 | 2.26 | |||||||||||||||
Deficiency related to ratio of earnings to fixed charges | NA | NA | NA | NA | NA | |||||||||||||||
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends | NA | NA | NA | NA | NA |