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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | | ||||||||||||||
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| For the Period from Inception to December 31, 2010 | |||||||||||||||
(in thousands, except ratio) | 2014 | 2013 | 2012 | 2011 | ||||||||||||
Earnings: | ||||||||||||||||
Net income | $ | 255,998 | $ | 190,411 | $ | 131,919 | $ | 53,232 | $ | (52,040 | ) | |||||
Add: | ||||||||||||||||
Provision for income taxes | 138,778 | 103,031 | 72,054 | 29,609 | (8,875 | ) | ||||||||||
Fixed charges | 263,982 | 225,740 | 167,638 | 68,797 | 53,673 | |||||||||||
Less: | ||||||||||||||||
Capitalized interest | (42,775 | ) | (32,659 | ) | (19,388 | ) | (10,390 | ) | (1,769 | ) | ||||||
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Earnings as adjusted (A) | $ | 615,983 | $ | 486,523 | $ | 352,223 | $ | 141,248 | $ | (9,011 | ) | |||||
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Fixed charges | ||||||||||||||||
Interest expense | $ | 220,590 | $ | 192,370 | $ | 147,413 | $ | 57,692 | 51,743 | |||||||
Capitalized interest | 42,775 | 32,659 | 19,388 | 10,390 | 1,769 | |||||||||||
Interest factors of rents(1) | 617 | 711 | 837 | 715 | 161 | |||||||||||
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Fixed charges as adjusted (B) | $ | 263,982 | $ | 225,740 | $ | 167,638 | $ | 68,797 | $ | 53,673 | ||||||
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Ratio of earnings (loss) to fixed charges ((A) divided by (B))(2) | 2.33 | 2.16 | 2.10 | 2.05 | — | |||||||||||
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- (1)
- Estimated to be 1/3 of rent expense.
- (2)
- For the period from inception to December 31, 2010, earnings were insufficient to cover fixed charges by $62.7 million.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES