Exhibit 12.2
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Unaudited)
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| For the Years Ended December 31, |
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| 2015 |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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| (in thousands, except ratios) |
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Earnings (Loss): |
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Net income (loss) |
| $ | (459,507 | ) |
| $ | 50,953 |
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| $ | 49,342 |
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| $ | (153,791 | ) |
| $ | (740 | ) |
Add: Fixed Charges |
|
| 34,796 |
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|
| 32,138 |
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|
| 16,598 |
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|
| 2,340 |
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|
| 983 |
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Add: Amortization of capitalized interest |
| 896 |
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|
| 594 |
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| 883 |
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| 7,119 |
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|
| 460 |
| |
Less: Interest capitalized |
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| (3,879 | ) |
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| (4,347 | ) |
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| (3,284 | ) |
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| (1,946 | ) |
|
| (818 | ) |
Net income (loss), as adjusted |
| $ | (427,694 | ) |
| $ | 79,338 |
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| $ | 63,539 |
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| $ | (146,278 | ) |
| $ | (115 | ) |
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Fixed Charges: |
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Total interest expensed |
| $ | 30,981 |
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| $ | 28,851 |
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| $ | 14,130 |
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| $ | 1,992 |
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| $ | 682 |
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Amortization of financing costs |
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| 3,584 |
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| 3,067 |
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| 2,322 |
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| 224 |
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| 248 |
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Estimated interest portion of operating leases |
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| 231 |
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| 220 |
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| 146 |
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| 124 |
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| 53 |
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Total fixed charges |
| $ | 34,796 |
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| $ | 32,138 |
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| $ | 16,598 |
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| $ | 2,340 |
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| $ | 983 |
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Dividends on preferred stock(1) |
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| 22,266 |
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| 22,191 |
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| 14,428 |
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| 10,888 |
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| 1,575 |
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Total fixed charges and dividends |
| $ | 57,062 |
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| $ | 54,329 |
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| $ | 31,026 |
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| $ | 13,228 |
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| $ | 2,558 |
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Fixed Charges and Fixed Charge Ratio: |
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Earnings (deficiency) to fixed charges |
| $ | (484,756 | ) |
| $ | 25,009 |
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| $ | 32,513 |
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| $ | (159,506 | ) |
| $ | (2,673 | ) |
Earnings to fixed charges ratio |
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| — |
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| 1.5x |
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| 2.0x |
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| — |
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| — |
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___________________________
(1) | Computed as the dividend requirement divided by (1 minus the statutory tax rate). |