EXHIBIT 12
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Stock Dividends
(in thousands, except ratios)
| Year ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest expensed and capitalized | $ | 37,313 | $ | 40,918 | $ | 44,130 | $ | 26,095 | $ | 25,535 | ||||||||||
| Amortized premiums, discounts and capitalized expenses (included above) | — | — | — | — | — | |||||||||||||||
| Estimate of interest within rental expense | — | — | — | — | — | |||||||||||||||
| Preference security accrued dividend | 6,120 | — | — | — | — | |||||||||||||||
| Combined Fixed Charges and Preference Security Dividends | $ | 43,433 | $ | 40,918 | $ | 44,130 | $ | 26,095 | $ | 25,535 | ||||||||||
| Earnings: | ||||||||||||||||||||
| Pretax loss from continuing operations before adjustment for minority interest in consolidated subsidiaries or income or loss from equity investees | $ | (324,960 | ) | $ | (138,727 | ) | $ | (70,381 | ) | $ | (44,365 | ) | $ | (39,065 | ) | |||||
| Fixed Charges | 37,313 | 40,918 | 44,130 | 26,095 | 25,535 | |||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
| Total Earnings | $ | (287,647 | ) | $ | (97,809 | ) | $ | (26,251 | ) | $ | (18,270 | ) | $ | (13,530 | ) | |||||
| Ratio of Earnings to Fixed Charges | (a | ) | (b | ) | (c | ) | (d | ) | (e | ) | ||||||||||
| (a) | Earnings were insufficient to cover combined fixed charges and preference stock accrued dividends by $331.1 million. |
| (b) | Earnings were insufficient to cover fixed charges by $138.7 million. |
| (c) | Earnings were insufficient to cover fixed charges by $70.4 million. |
| (d) | Earnings were insufficient to cover fixed charges by $44.4 million. |
| (e) | Earnings were insufficient to cover fixed charges by $39.1 million. |
