Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Six Months Ended June 30, 2017 | Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(in thousands of dollars, other than ratios) | ||||||||||||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 27,199 | $ | 51,575 | $ | 53,891 | $ | 67,516 | $ | 69,254 | $ | 71,902 | ||||||||||||
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EARNINGS | ||||||||||||||||||||||||
Income (loss) before noncontrolling interest and taxes | $ | 22,887 | $ | 59,464 | $ | 104,951 | $ | 104,192 | $ | (16,572 | ) | $ | (4,112 | ) | ||||||||||
Add back: equity loss in investee | 170 | 296 | 180 | — | — | — | ||||||||||||||||||
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Pre-tax income from continuing operations before noncontrolling interest and income (loss) from equity investees and capitalized interest | 23,057 | 59,760 | 105,131 | 104,192 | (16,572 | ) | (4,112 | ) | ||||||||||||||||
Amortization of capitalized interest | 507 | 1,043 | 1,045 | 1,238 | 1,227 | 1,189 | ||||||||||||||||||
Fixed charges | 27,199 | 51,575 | 53,891 | 67,516 | 69,254 | 71,902 | ||||||||||||||||||
Subtract interest capitalized | — | — | — | — | 98 | 135 | ||||||||||||||||||
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Total earnings | $ | 50,763 | $ | 112,378 | $ | 160,067 | $ | 172,946 | $ | 53,811 | $ | 68,844 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES(a) | 1.87 | 2.18 | 2.97 | 2.56 | 0.78 | 0.96 | ||||||||||||||||||
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(a) | Earnings were inadequate to cover total fixed charges by approximately $15.443 million for the year ended December 31, 2013 and $3.058 million for the year ended December 31, 2012. |