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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
| Nine Months Ended September 30, | Years Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Earnings: | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (1,146,142 | ) | $ | (44,673 | ) | $ | (67,066 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | $ | (221,636 | ) | |||
Adjustments: | ||||||||||||||||||||||
Equity investment (income) loss | (235 | ) | (130 | ) | (373 | ) | — | — | — | — | ||||||||||||
Interest capitalized | (159,583 | ) | (22,936 | ) | (53,492 | ) | — | — | — | — | ||||||||||||
Income (loss) before income taxes, as adjusted | $ | (1,305,960 | ) | $ | (67,739 | ) | $ | (120,931 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | $ | (221,636 | ) | |||
Fixed charges | 188,282 | 45,681 | 86,589 | 17,808 | 23,087 | 19,021 | 24,588 | |||||||||||||||
Total earnings | $ | (1,117,678 | ) | $ | (22,058 | ) | $ | (34,342 | ) | $ | 23,207 | $ | 26,499 | $ | (55,709 | ) | $ | (197,048 | ) | |||
Fixed charges: | ||||||||||||||||||||||
Interest expense and amortization of finance costs | $ | 186,047 | $ | 44,960 | $ | 85,372 | $ | 17,373 | $ | 22,655 | $ | 18,590 | $ | 24,182 | ||||||||
Rental expense representative of interest factor | 2,235 | 721 | 1,217 | 435 | 432 | 431 | 406 | |||||||||||||||
Total fixed charges | $ | 188,282 | $ | 45,681 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||
Ratio of earnings to fixed charges | — | (1) | — | (3) | — | (5) | 1.3 | 1.1 | — | (7) | — | (8) | ||||||||||
Total fixed charges | $ | 188,282 | $ | 45,681 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||
Pre-tax preferred dividend requirements | 8,164 | 90,825 | 110,075 | — | — | — | — | |||||||||||||||
Total fixed charges plus preference dividends | $ | 196,446 | $ | 136,506 | $ | 196,664 | $ | 17,808 | $ | 23,087 | $ | 19,021 | $ | 24,588 | ||||||||
Ratio of earnings to combined fixed charges and preference dividends | — | (2) | — | (4) | — | (6) | 1.3 | 1.1 | — | (7) | — | (8) | ||||||||||
- (1)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.3 billion to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.3 billion to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $67.7 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $158.6 million to achieve a coverage ratio of 1:1.
- (5)
- Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.
- (6)
- Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.
- (7)
- Due to the Company's "Loss before income taxes, as adjusted" in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.7 million to achieve a coverage ratio of 1:1.
- (8)
- Due to the Company's "Loss before income taxes, as adjusted" in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $221.6 million to achieve a coverage ratio of 1:1.
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)