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,

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

 

2009

 

 

 

(in thousands except ratios)

  

 

 

(unaudited)

  

Income before income taxes

$

80,096

 

 

$

119,531

 

 

$

264,334

 

 

$

129,793

 

 

$

(262,030

)

Add: Fixed charges

 

85,902

 

 

 

63,441

 

 

 

52,581

 

 

 

43,304

 

 

 

46,974

 

Add: Amortization of capitalized interest

 

4,380

 

 

 

1,526

 

 

 

1,037

 

 

 

1,353

 

 

 

2,667

 

Less: Capitalized Interest

 

(10,058

)

 

 

(13,274

)

 

 

(9,877

)

 

 

(5,395

)

 

 

(6,662

)

Earnings before fixed charges

$

160,320

 

 

$

171,224

 

 

$

308,075

 

 

$

169,055

 

 

$

(219,051

)

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

$

75,581

 

 

$

49,994

 

 

$

42,516

 

 

$

37,706

 

 

$

40,087

 

Capitalized interest

 

10,058

 

 

 

13,274

 

 

 

9,877

 

 

 

5,395

 

 

 

6,662

 

Portion of rental expense representative of an interest factor

 

263

 

 

 

173

 

 

 

188

 

 

 

203

 

 

 

225

 

Total fixed charges

$

85,902

 

 

$

63,441

 

 

$

52,581

 

 

$

43,304

 

 

$

46,974

 

Ratio of earnings to fixed charges

 

1.9

 

 

 

2.7

 

 

 

5.9

 

 

 

3.9

 

 

 

(1)

(1)

Earnings were inadequate to cover fixed charges for the year ended December 31, 2009 by $266.0 million.
Earnings for the year ended December 31, 2009 included an impairment write down of $218.9 million.