For the Years Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | (1,201,916 | ) | $ | (722,861 | ) | $ | 1,064,699 | $ | 278,611 | $ | (83,517 | ) | ||||||
Add: Fixed charges | 167,600 | 155,510 | 117,147 | 102,758 | 77,841 | ||||||||||||||
Add: Amortization of capitalized interest | 13,905 | 9,116 | 11,448 | 11,784 | 9,095 | ||||||||||||||
Less: Capitalized interest | (17,004 | ) | (25,051 | ) | (16,165 | ) | (10,952 | ) | (12,135 | ) | |||||||||
Earnings before fixed charges | $ | (1,037,415 | ) | $ | (583,286 | ) | $ | 1,177,129 | $ | 382,201 | $ | (8,716 | ) | ||||||
Fixed charges: | |||||||||||||||||||
Interest expense (1) | $ | 148,685 | $ | 128,149 | $ | 98,554 | $ | 89,711 | $ | 63,720 | |||||||||
Capitalized interest | 17,004 | 25,051 | 16,165 | 10,952 | 12,135 | ||||||||||||||
Interest expense component of rent (2) | 1,911 | 2,310 | 2,428 | 2,095 | 1,986 | ||||||||||||||
Total fixed charges | $ | 167,600 | $ | 155,510 | $ | 117,147 | $ | 102,758 | $ | 77,841 | |||||||||
Ratio of earnings to fixed charges | — | — | 10.0 | 3.7 | — | ||||||||||||||
Insufficient coverage | $ | 1,205,015 | $ | 738,796 | $ | — | $ | — | $ | 86,557 | |||||||||
(1) | Includes amortization of deferred financing costs and discount. For the year ended December 31, 2016, excludes the $10.0 million paid to terminate a second lien facility that was no longer necessary to fund acquisition activity. |
(2) | Represents a reasonable approximation of the portion of rental expense assumed to be attributable to the interest factor. |