Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands):
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 39,152 | $ | 26,060 | $ | 32,724 | $ | 27,107 | $ | 17,113 | ||||||||||
Capitalized interest | 2,694 | 2,663 | 2,175 | 9,885 | 22,825 | |||||||||||||||
Amortization of public offering costs | 2,143 | 1,146 | 2,050 | 3,835 | 989 | |||||||||||||||
Portion of rent expense representative of interest | 4,864 | 3,986 | 4,028 | 3,343 | 3,774 | |||||||||||||||
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Total fixed charges | $ | 48,853 | $ | 33,855 | $ | 40,977 | $ | 44,170 | $ | 44,701 | ||||||||||
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Earnings available for fixed charges: | ||||||||||||||||||||
Net income (loss) from continuing operations before income taxes | $ | (808,679 | ) | $ | 119,484 | $ | 208,245 | $ | (91,125 | ) | $ | (74,672 | ) | |||||||
Fixed charges above | 48,852 | 33,855 | 40,977 | 44,170 | 44,701 | |||||||||||||||
Less interest capitalized | (2,694 | ) | (2,663 | ) | (2,175 | ) | (9,885 | ) | (22,825 | ) | ||||||||||
Current period amortization of capitalized interest | 6,899 | 5,725 | 6,429 | 3,294 | 1,436 | |||||||||||||||
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Total earnings available for fixed charges | (755,622 | ) | 156,401 | 253,476 | (53,546 | ) | (51,360 | ) | ||||||||||||
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Earnings sufficient (insufficient) to cover fixed charges | $ | (804,475 | ) | $ | 122,546 | $ | 212,499 | $ | (97,716 | ) | $ | (96,061 | ) | |||||||
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Ratio of earnings to fixed charges | N/A | 4.62x | 6.19x | N/A | N/A | |||||||||||||||
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N/A - represents coverage ratio of less than 1.