RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio)
The following table contains our consolidated ratios of earnings to fixed charges for the periods indicated.
|
| Period Ended |
| ||||||||||||||||
|
| June 30, |
| December 31, |
| ||||||||||||||
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income (loss) from continuing operations |
| $ | (118,753 | ) | $ | (139,189 | ) | $ | 73,714 |
| $ | (461,985 | ) | $ | (589,978 | ) | $ | (111,785 | ) |
Fixed charges |
| 26,128 |
| 50,071 |
| 46,122 |
| 51,301 |
| 85,047 |
| 61,802 |
| ||||||
Amortization of capitalized interest |
| 7,428 |
| 15,006 |
| 14,965 |
| 16,643 |
| 17,580 |
| 11,135 |
| ||||||
Income tax expense (benefit) |
| 142 |
| (6,543 | ) | 1,392 |
| 881 |
| 1,138 |
| 413 |
| ||||||
Loss in equity investee |
| — |
| — |
| — |
| — |
| 634 |
| 335 |
| ||||||
Less: interest capitalized |
| (8,382 | ) | (13,987 | ) | (10,140 | ) | (7,945 | ) | (17,097 | ) | (40,116 | ) | ||||||
Total earnings |
| $ | (93,437 | ) | $ | (94,642 | ) | $ | 126,053 |
| $ | (401,105 | ) | $ | (502,676 | ) | $ | (78,216 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expensed |
| $ | 17,678 |
| $ | 35,952 |
| $ | 35,854 |
| $ | 43,233 |
| $ | 67,828 |
| $ | 21,506 |
|
Estimated interest component of rental expense(1) |
| 68 |
| 132 |
| 128 |
| 123 |
| 122 |
| 180 |
| ||||||
Interest capitalized |
| 8,382 |
| 13,987 |
| 10,140 |
| 7,945 |
| 17,097 |
| 40,116 |
| ||||||
Total Fixed Charges |
| $ | 26,128 |
| $ | 50,071 |
| $ | 46,122 |
| $ | 51,301 |
| $ | 85,047 |
| $ | 61,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Fixed Charges |
| * |
| * |
| 2.73 |
| * |
| * |
| * |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Excess of fixed charges over earnings |
| $ | 119,565 |
| $ | 144,713 |
| N/A |
| $ | 452,406 |
| $ | 587,723 |
| $ | 140,018 |
| |
* For these periods, earnings were inadequate to cover fixed charges.
(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.
The ratios were computed by dividing earnings by fixed charges. For this purpose:
· The term “fixed charges” means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.
