Exhibit 99.4
Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
($ in thousands, except ratios)
For the Years Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before earnings from equity method investments and other items | $ | (110,899 | ) | $ | (139,564 | ) | $ | (178,293 | ) | $ | (264,644 | ) | $ | (411,106 | ) | ||||
Add: Fixed charges as calculated below | 229,152 | 231,967 | 232,037 | 270,872 | 359,844 | ||||||||||||||
Add: Distributions from operations of equity method investments | 48,732 | 29,999 | 80,116 | 17,252 | 105,586 | ||||||||||||||
Less: Capitalized interest | (5,809 | ) | (5,337 | ) | (4,893 | ) | (2,590 | ) | (1,794 | ) | |||||||||
Total earnings | $ | 161,176 | $ | 117,065 | $ | 128,967 | $ | 20,890 | $ | 52,530 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense(1) | $ | 221,398 | $ | 224,639 | $ | 224,483 | $ | 266,225 | $ | 356,161 | |||||||||
Add: Capitalized interest | 5,809 | 5,337 | 4,893 | 2,590 | 1,794 | ||||||||||||||
Implied interest component on the company's rent obligations | 1,945 | 1,991 | 2,661 | 2,057 | 1,889 | ||||||||||||||
Fixed charges | $ | 229,152 | $ | 231,967 | $ | 232,037 | $ | 270,872 | $ | 359,844 | |||||||||
Preferred dividends | 51,320 | 51,320 | 51,320 | 49,020 | 42,320 | ||||||||||||||
Fixed charges and preferred dividends | $ | 280,472 | $ | 283,287 | $ | 283,357 | $ | 319,892 | $ | 402,164 | |||||||||
Earnings to fixed charges(2) | — | — | — | — | — | ||||||||||||||
Earnings to fixed charges and preferred dividends(2) | — | — | — | — | — |
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(1) | For the years ended December 31, 2012, interest expense includes $1,064 of interest expense reclassified to discontinued operations. |
(2) | For the years ended December 31, 2016, 2015, 2014, 2013 and 2012 earnings were not sufficient to cover fixed charges by $67,976, $114,902, $103,070, $249,982 and $307,314, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $119,296, $166,222, $154,390, $299,002 and $349,634, respectively. |