Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

2015

 

2014

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

$

(373,075)

$

(7,820)

$

(55,654)

$

29,849 

$

76,730 

Fixed charges

 

72,741 

 

73,012 

 

73,589 

 

68,594 

 

59,608 

 

 

 

 

 

 

 

 

 

 

 

Earnings

$

(300,334)

$

65,192 

$

17,935 

$

98,443 

$

136,338 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

Rental expense

$

4,638 

$

5,621 

$

6,081 

$

6,156 

$

5,722 

Interest expense

 

68,103 

 

67,391 

 

67,508 

 

62,438 

 

53,886 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

$

72,741 

$

73,012 

$

73,589 

$

68,594 

$

59,608 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(a)

 

(a)

 

(a)

 

1.4x

 

2.3x

(a)

Earnings were inadequate to cover fixed charges for the years ended December 31, 2015,  2014 and 2013 by $373.0 million, $7.8 million and $55.7 million, respectively.