Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratio)
|
| | | | | | | | | | | | | | | | | | | | | |
| | | | Period Ended |
| | | | March 31, | | December 31, |
| | | | 2015 | | 2014 | 2013 | 2012 | 2011 | 2010 |
| Earnings: | | | | | | | | |
| | Income (loss) from continuing operations | | $ | (129,727 | ) | | $ | (462,866 | ) | $ | (591,116 | ) | $ | (112,198 | ) | $ | (54,924 | ) | $ | (97,467 | ) |
| | Fixed charges | | 10,739 |
| | 51,301 |
| 85,046 |
| 61,802 |
| 59,171 |
| 52,283 |
|
| | Amortization of capitalized interest | | 3,741 |
| | 16,643 |
| 17,580 |
| 11,135 |
| 8,265 |
| 3,648 |
|
| | Income tax expense (benefit) | | 228 |
| | 881 |
| 1,138 |
| 413 |
| (109 | ) | 396 |
|
| | Loss (income) in equity investee | | — |
| | — |
| 634 |
| 335 |
| 420 |
| 2,829 |
|
| | Less: interest capitalized | | (2,191 | ) | | (7,945 | ) | (17,096 | ) | (40,116 | ) | (54,139 | ) | (47,122 | ) |
| | | | | | | | | | |
| Total earnings | | $ | (117,210 | ) | | $ | (401,986 | ) | $ | (503,814 | ) | $ | (78,629 | ) | $ | (41,316 | ) | $ | (85,433 | ) |
| | | | | | | | | | |
| Fixed Charges: | | | | | | | | |
| | Interest expensed | | $ | 8,517 |
| | $ | 43,233 |
| $ | 67,828 |
| $ | 21,506 |
| $ | 4,824 |
| $ | 5,021 |
|
| | Estimated interest component of rental expense (1) | | 31 |
| | 123 |
| 122 |
| 180 |
| 208 |
| 140 |
|
| | Interest capitalized | | 2,191 |
| | 7,945 |
| 17,096 |
| 40,116 |
| 54,139 |
| 47,122 |
|
| | | | | | | | | | |
| Total Fixed Charges | | $ | 10,739 |
| | $ | 51,301 |
| $ | 85,046 |
| $ | 61,802 |
| $ | 59,171 |
| $ | 52,283 |
|
| | | | | | | | | | |
| Ratio of Earnings to Fixed Charges | | * | | * | * | * | * | * |
| | | | | | | | | | |
| Excess of fixed charges over earnings | | $ | 127,949 |
| | $ | 453,287 |
| $ | 588,860 |
| $ | 140,431 |
| $ | 100,487 |
| $ | 137,716 |
|
* For these periods, earnings were inadequate to cover fixed charges.
(1) Represents our estimate of the interest component of noncancelable operating lease rental expense.
