COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| | For the years ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(in thousands, except ratios) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
Earnings: | ||||||||||||||||
Income (loss) from continuing operations before income taxes(1) | $ | (2,386,881 | ) | $ | 429,859 | $ | 191,084 | $ | 94,764 | $ | 165,588 | |||||
(Income) loss from equity method investee | (6,799 | ) | 192 | (29 | ) | — | — | |||||||||
Fixed charges (less capitalized interest) | 104,083 | 122,039 | 100,834 | 85,943 | 50,914 | |||||||||||
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Total | $ | (2,289,597 | ) | $ | 552,090 | $ | 291,889 | $ | 180,707 | $ | 216,502 | |||||
Fixed Charges: | ||||||||||||||||
Interest expense(2) | $ | 98,728 | $ | 116,186 | $ | 95,559 | $ | 81,383 | $ | 46,709 | ||||||
Amortization of debt issuance costs | 4,727 | 5,137 | 5,023 | 4,816 | 3,871 | |||||||||||
Interest component of rental expense | 864 | 866 | 507 | 371 | 334 | |||||||||||
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Total | $ | 104,319 | $ | 122,189 | $ | 101,089 | $ | 86,570 | $ | 50,914 | ||||||
Ratio of earnings to fixed charges | — | (3) | 4.5 | 2.9 | 2.1 | 4.3 | ||||||||||
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For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pre-tax income (loss) plus fixed charges less interest capitalized and "fixed charges" represents interest incurred, amortization of deferred debt offering costs and that portion of rental expense on operating leases deemed to be the equivalent of interest. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we have no preferred stock outstanding as of the date of this prospectus.
