10-Q: Quarterly report pursuant to Section 13 or 15(d)

Published on May 5, 2017

 

 

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges. 

 

    Year Ended December 31,     Three Months Ended
March 31,
 
    2012     2013     2014     2015     2016     2017     2016  
    (in thousands)              
Net Income   $ 120,698     $ 172,521     $ 221,349     $ 233,315     $ 383,367     $ 109,112     $ 58,196  
Interest expense (1)     106,096       92,048       126,869       183,208       175,561       47,543       39,652  
Income before fixed charges   $ 226,794     $ 264,569     $ 348,218     $ 416,523     $ 558,928     $ 156,655     $ 97,848  
                                                         
Capitalized interest   $ 240     $ 190     $     $ 3,701     $ 6,594     $ 1,989     $ 1,720  
Interest expense (1)     106,096       92,048       126,869       183,208       175,561       47,543       39,652  
Total fixed charges   $ 106,336     $ 92,238     $ 126,869     $ 186,909     $ 182,155     $ 49,532     $ 41,372  
Earnings / fixed charge coverage ratio     2.1 x     2.9 x     2.7 x     2.2 x     3.1 x     3.2 x     2.4 x

 

(1) Includes interest refinancing costs, gains and losses on refinancing and amortization of deferred financing costs.