Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES


 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(In millions)
Earnings Before Fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before non-controlling interest or tax
 
$
130.8

 
$
(572.0
)
 
$
(1,378.7
)
 
$
331.3

 
$
186.1

Capitalized interest
 
(6.3
)
 
(7.2
)
 
(7.7
)
 
(11.8
)
 

Amortization of capitalized interest
 
1.7

 
1.4

 
0.9

 
0.5

 

Income from unconsolidated affiliates
 
(9.6
)
 
19.9

 
(20.4
)
 
(18.9
)
 
(14.8
)
Distributed income from unconsolidated affiliates
 
13.5

 
57.7

 
42.7

 
23.7

 
12.0

Non-controlling interest
 
(5.9
)
 
8.1

 
0.4

 
0.2

 

Fixed Charges
 
215.7

 
195.3

 
110.2

 
59.2

 

Total earnings before fixed charges
 
$
339.9

 
$
(296.8
)

$
(1,252.6
)

$
384.2

 
$
183.3

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
187.9

 
$
188.1

 
$
102.5

 
$
47.4

 
$

Capitalized interest
 
6.3

 
7.2

 
7.7

 
11.8

 

Preferred Distributions
 
21.5

 

 

 

 

Total fixed charges
 
$
215.7

 
$
195.3


$
110.2


$
59.2

 
$

Ratio of earnings to fixed charges
 
1.6

 
N/A


N/A


6.5


N/A

Deficiency
 
$

 
$
(492.1
)

$
(1,362.8
)

$

 
$