EX-12 5 cde-12311710kex12.htm EXHIBIT 12 Exhibit


Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands):

 
Year ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
15,658

 
$
34,987

 
$
43,446

 
$
45,806

 
$
39,152

Capitalized interest
2,121

 
1,206

 
2,992

 
1,710

 
2,694

Amortization of public offering costs
809

 
1,933

 
2,257

 
4,775

 
2,143

Portion of rent expense representative of interest
5,415

 
4,692

 
3,998

 
3,303

 
4,864

Total fixed charges
$
24,003

 
$
42,818

 
$
52,693

 
$
55,594

 
$
48,853

 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations before income taxes
$
40,105

 
$
(10,625
)
 
$
(316,707
)
 
$
(1,507,581
)
 
$
(840,661
)
Fixed charges above
24,003

 
42,818

 
52,693

 
55,594

 
48,853

Less interest capitalized
(2,121
)
 
(1,206
)
 
(2,992
)
 
(1,710
)
 
(2,694
)
Current period amortization of capitalized interest
1,996

 
1,985

 
2,472

 
4,526

 
6,519

Total earnings available for fixed charges
63,983

 
32,972

 
(264,534
)
 
(1,449,171
)
 
(787,983
)
 
 
 
 
 
 
 
 
 
 
Earnings sufficient (insufficient) to cover fixed charges
$
39,980

 
$
(9,846
)
 
$
(317,227
)
 
$
(1,504,765
)
 
$
(836,836
)
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.67
x
 
0.77
x
 
N/A

 
N/A

 
N/A


N/A - represents coverage ratio of less than 1.