For the Years Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||
Income (loss) before income taxes | $ | (343,813 | ) | $ | (1,201,916 | ) | $ | (722,861 | ) | $ | 1,064,699 | $ | 278,611 | ||||||
Add: Fixed charges | 193,587 | 167,600 | 155,510 | 117,147 | 102,758 | ||||||||||||||
Add: Amortization of capitalized interest | 11,623 | 13,905 | 9,116 | 11,448 | 11,784 | ||||||||||||||
Less: Capitalized interest | (12,607 | ) | (17,004 | ) | (25,051 | ) | (16,165 | ) | (10,952 | ) | |||||||||
Earnings before fixed charges | $ | (151,210 | ) | $ | (1,037,415 | ) | $ | (583,286 | ) | $ | 1,177,129 | $ | 382,201 | ||||||
Fixed charges: | |||||||||||||||||||
Interest expense (1) | $ | 179,257 | $ | 148,685 | $ | 128,149 | $ | 98,554 | $ | 89,711 | |||||||||
Capitalized interest | 12,607 | 17,004 | 25,051 | 16,165 | 10,952 | ||||||||||||||
Interest expense component of rent (2) | 1,723 | 1,911 | 2,310 | 2,428 | 2,095 | ||||||||||||||
Total fixed charges | $ | 193,587 | $ | 167,600 | $ | 155,510 | $ | 117,147 | $ | 102,758 | |||||||||
Ratio of earnings to fixed charges | — | — | — | 10.0 | 3.7 | ||||||||||||||
Insufficient coverage | $ | 344,797 | $ | 1,205,015 | $ | 738,796 | $ | — | $ | — | |||||||||
(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. |