Exhibit 12.1
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Six Months Ended June |
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Year Ended |
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2016 |
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2015 |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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(in thousands, except |
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Pretax income (loss) from continuing operations |
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$ |
(806,664 |
) |
$ |
(184,722 |
) |
$ |
(722,861 |
) |
$ |
1,064,699 |
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$ |
278,611 |
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$ |
(83,517 |
) |
$ |
339,001 |
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Add: Fixed charges |
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76,487 |
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77,639 |
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155,510 |
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117,147 |
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102,758 |
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77,841 |
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58,030 |
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Add: Amortization of capitalized interest |
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6,219 |
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6,597 |
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9,116 |
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11,448 |
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11,784 |
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9,095 |
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5,107 |
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Less: Capitalized interest |
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(10,312 |
) |
(12,889 |
) |
(25,051 |
) |
(16,165 |
) |
(10,952 |
) |
(12,135 |
) |
(10,785 |
) | |||||||
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Earnings before fixed charges |
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$ |
(734,270 |
) |
$ |
(113,375 |
) |
$ |
(583,286 |
) |
$ |
1,177,129 |
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$ |
382,201 |
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$ |
(8,716 |
) |
$ |
391,353 |
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Fixed charges: |
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Interest expense (1) |
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$ |
65,123 |
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$ |
63,426 |
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$ |
128,149 |
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$ |
98,554 |
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$ |
89,711 |
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$ |
63,720 |
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$ |
45,849 |
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Capitalized interest |
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10,312 |
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12,889 |
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25,051 |
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16,165 |
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10,952 |
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12,135 |
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10,785 |
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Interest expense component of rent (2) |
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1,052 |
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1,324 |
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2,310 |
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2,428 |
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2,095 |
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1,986 |
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1,396 |
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Total fixed charges |
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$ |
76,487 |
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$ |
77,639 |
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$ |
155,510 |
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$ |
117,147 |
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$ |
102,758 |
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$ |
77,841 |
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$ |
58,030 |
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Ratio of earnings to fixed charges |
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— |
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— |
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— |
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10.0 |
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3.7 |
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— |
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6.7 |
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Insufficient coverage |
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$ |
810,757 |
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$ |
191,014 |
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$ |
738,796 |
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$ |
— |
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$ |
— |
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$ |
86,557 |
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$ |
— |
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(1) Includes amortization of deferred financing costs and discount.
(2) Represents a reasonable approximation of the rental factor.
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Ratio of earnings to fixed charges (1)(2) |
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— |
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— |
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— |
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10.0 |
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3.7 |
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— |
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6.7 |
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Insufficient coverage |
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$ |
810,757 |
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$ |
191,014 |
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$ |
738,796 |
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$ |
— |
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$ |
— |
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$ |
86,557 |
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$ |
— |
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(1) The ratio of earnings to fixed charges has been computed by dividing earnings available for fixed charges (earnings from continuing operations before income taxes plus fixed charges and amortization of capitalized interest, less capitalized interest) by fixed charges (interest expense, plus capitalized interest plus our estimate of the interest component of rental expense).
(2) Earnings were inadequate to cover fixed charges for the six months ended June 30, 2016, and 2015, by a deficiency of $810.8 million and $191.0 million, respectively, and $738.8 million and $86.6 million for the years ended December 31, 2015, and 2012, respectively.