EX-12 6 exhibit12computationofrati.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(In Thousands)


 
 
Twelve Months Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
     (Loss) Income from Continuing Operations Before
      Income Taxes
 
$
(525,955
)
 
$
(475,705
)
 
$
180,151

 
$
(9,529
)
 
$
314,227

     Fixed Charges, as Shown Below
 
229,176

 
238,371

 
273,992

 
287,235

 
279,802

Amortization of Capitalized Interest
 
8,689

 
8,669

 
7,904

 
6,520

 
4,978

     Equity in Income of Investees, Net of Distributions
 
(19,013
)
 
(19,898
)
 
(39,821
)
 
(20,095
)
 
(11,548
)
Interest Capitalized
 
(1,467
)
 
(2,509
)
 
(13,573
)
 
(43,666
)
 
(38,054
)
Noncontrolling Interest
 
(8,954
)
 
(10,410
)
 
—

 
1,386

 
397

Adjusted Earnings
 
$
(317,524
)
 
$
(261,482
)
 
$
408,653

 
$
221,851

 
$
549,802

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
     Interest on Indebtedness, Expensed or Capitalized
 
$
192,943

 
$
201,775

 
$
236,906

 
$
262,672

 
$
257,566

     Interest within Rent Expense
 
36,233

 
36,596

 
37,086

 
24,563

 
22,236

Total Fixed Charges
 
$
229,176

 
$
238,371

 
$
273,992

 
$
287,235

 
$
279,802

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
(1.39
)

(1.10
)
 
1.49

 
0.77

 
1.96