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Content analysis
?Positive | ||
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H.S. freshman Avg
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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 | ) |
Earnings before fixed charges | $ | 67,085 |
|
| $ | 160,320 |
|
| $ | 171,224 |
|
| $ | 308,075 |
|
| $ | 169,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Total fixed charges | $ | 87,193 |
|
| $ | 85,902 |
|
| $ | 63,441 |
|
| $ | 52,581 |
|
| $ | 43,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (1) |
| 0.8 |
|
|
| 1.9 |
|
|
| 2.7 |
|
|
| 5.9 |
|
|
| 3.9 |
|
(1) Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million.