Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS

TO FIXED CHARGES

(Unaudited)

	For the Years Ended December 31,
	2015			2014			2013			2012			2011
	(in thousands, except ratios)
Earnings (Loss):
Net income (loss)	$	(459,507	)	$	50,953		$	49,342		$	(153,791	)	$	(740	)
Add: Fixed Charges		57,062			54,329			31,026			13,228			2,558
Add: Amortization of capitalized interest	896				594			883			7,119			460
Less: Interest capitalized		(3,879	)		(4,347	)		(3,284	)		(1,946	)		(818	)
Net income (loss), as adjusted	$	(405,428	)	$	101,529		$	77,967		$	(135,390	)	$	1,460
Fixed Charges:
Total interest expensed	$	30,981		$	28,851		$	14,130		$	1,992		$	682
Amortization of financing costs		3,584			3,067			2,322			224			248
Estimated interest portion of operating leases		231			220			146			124			53
Dividends on preferred stock(1)		22,266			22,191			14,428			10,888			1,575
Total fixed charges	$	57,062		$	54,329		$	31,026		$	13,228		$	2,558
Fixed Charges and Fixed Charge Ratio:
Earnings (deficiency) to fixed charges	$	(462,490	)	$	47,200		$	46,941		$	(148,618	)	$	(1,098	)
Earnings to fixed charges ratio		—		1.9x			2.5x				—			—

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(1) Computed as the dividend requirement divided by (1 minus the statutory tax rate).