EX-12.1 4 a2233449zex-12_1.htm EX-12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio)

 

The following table contains our consolidated ratios of earnings to fixed charges for the periods indicated.

 

 

 

Period Ended

 

 

 

June 30,

 

December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

(118,753

)

$

(139,189

)

$

73,714

 

$

(461,985

)

$

(589,978

)

$

(111,785

)

Fixed charges

 

26,128

 

50,071

 

46,122

 

51,301

 

85,047

 

61,802

 

Amortization of capitalized interest

 

7,428

 

15,006

 

14,965

 

16,643

 

17,580

 

11,135

 

Income tax expense (benefit)

 

142

 

(6,543

)

1,392

 

881

 

1,138

 

413

 

Loss in equity investee

 

—

 

—

 

—

 

—

 

634

 

335

 

Less: interest capitalized

 

(8,382

)

(13,987

)

(10,140

)

(7,945

)

(17,097

)

(40,116

)

Total earnings

 

$

(93,437

)

$

(94,642

)

$

126,053

 

$

(401,105

)

$

(502,676

)

$

(78,216

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

$

17,678

 

$

35,952

 

$

35,854

 

$

43,233

 

$

67,828

 

$

21,506

 

Estimated interest component of rental expense(1)

 

68

 

132

 

128

 

123

 

122

 

180

 

Interest capitalized

 

8,382

 

13,987

 

10,140

 

7,945

 

17,097

 

40,116

 

Total Fixed Charges

 

$

26,128

 

$

50,071

 

$

46,122

 

$

51,301

 

$

85,047

 

$

61,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

*

 

*

 

2.73

 

*

 

*

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess of fixed charges over earnings

 

$

119,565

 

$

144,713

 

N/A

 

$

452,406

 

$

587,723

 

$

140,018

 

 

* For these periods, earnings were inadequate to cover fixed charges.

 

(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.

 

The ratios were computed by dividing earnings by fixed charges. For this purpose:

 

·                  The term “fixed charges” means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.