Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table contains our consolidated ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those financial statements (amounts in table in thousands, except ratios).

	For the Year Ended December 31,
	2016			2015			2014			2013			2012
Income (loss) before income taxes	$	(98,093	)	$	(826,892	)	$	175,129		$	54,791		$	(34,691	)
Add:
Fixed charges (see below)		32,019			25,731			8,209			7,615			2,604
Amortization of capitalized interest		1,492			1,050			607			383			187
Less:
Interest capitalized		(3,677	)		(3,896	)		(2,831	)		(1,888	)		(1,574	)
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(364	)		(261	)		17
Total earnings	$	(68,623	)	$	(804,268	)	$	181,131		$	60,901		$	(33,474	)
Fixed charges
Interest expensed	$	26,520		$	20,138		$	4,484		$	5,140		$	771
Interest capitalized		3,677			3,896			2,831			1,888			1,574
Amortized premiums, discounts & capitalized expenses related to indebtedness		1,679			1,616			850			547			231
Estimate of interest within rental expense		143			81			44			40			28
Total fixed charges	$	32,019		$	25,731		$	8,209		$	7,615		$	2,604
Ratio of earnings to fixed charges		(a)			(a)			22.06			8.00			(a)

(a) During the period noted, our coverage ratio was less than 1:1. We would have needed to generate additional earnings of approximately $100.6 million, $830 million and $36.1 million during the years ended December 31, 2016, 2015 and 2012, respectively, to achieve a coverage ratio of 1:1.