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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
| Three Months Ended March 31, | Years Ended December 31, | ||||||||||||||||||||
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| 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings: | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (72,964 | ) | $ | 8,759 | $ | (1,380,378 | ) | $ | (67,066 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | ||||
Adjustments: | ||||||||||||||||||||||
Equity investment (income) loss | (831 | ) | 67 | (97 | ) | (373 | ) | — | — | — | ||||||||||||
Interest capitalized | (46,816 | ) | (52,804 | ) | (203,993 | ) | (53,492 | ) | — | — | — | |||||||||||
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Income (loss) before income taxes, as adjusted | $ | (120,611 | ) | $ | (43,978 | ) | $ | (1,584,468 | ) | $ | (120,931 | ) | $ | 5,399 | $ | 3,412 | $ | (74,730 | ) | |||
Fixed charges | 79,275 | 58,221 | 262,046 | 86,589 | 17,808 | 23,087 | 19,021 | |||||||||||||||
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Total earnings | $ | (41,336 | ) | $ | 14,243 | $ | (1,322,422 | ) | $ | (34,342 | ) | $ | 23,207 | $ | 26,499 | $ | (55,709 | ) | ||||
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Fixed charges: | ||||||||||||||||||||||
Interest expense and amortization of finance costs | $ | 78,654 | $ | 57,398 | $ | 259,159 | $ | 85,372 | $ | 17,373 | $ | 22,655 | $ | 18,590 | ||||||||
Rental expense representative of interest factor | 621 | 823 | 2,887 | 1,217 | 435 | 432 | 431 | |||||||||||||||
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Total fixed charges | $ | 79,275 | $ | 58,221 | $ | 262,046 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | ||||||||
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Ratio of earnings to fixed charges | —(1) | —(3) | —(4) | —(5) | 1.3 | 1.1 | —(7) | |||||||||||||||
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Total fixed charges | $ | 79,275 | $ | 58,221 | $ | 262,046 | $ | 86,589 | $ | 17,808 | $ | 23,087 | $ | 19,021 | ||||||||
Pre-tax preferred dividend requirements | 4,959 | — | 12,132 | 110,075 | — | — | — | |||||||||||||||
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Total fixed charges plus preference dividends | $ | 84,234 | $ | 58,221 | $ | 274,178 | $ | 196,664 | $ | 17,808 | $ | 23,087 | $ | 19,021 | ||||||||
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Ratio of earnings to combined fixed charges and preference dividends | —(2) | —(3) | —(4) | —(6) | 1.3 | 1.1 | —(7) | |||||||||||||||
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- (1)
- Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.6 million to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $125.6 million to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $44.0 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's"Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion 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.
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)