Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table contains our consolidated ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those financial statements (amounts in table in thousands, except ratios).
| Six Months Ended June 30, 2017 | For the Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Income (loss) before income taxes | $ | 77,587 | $ | (98,093 | ) | $ | (826,892 | ) | $ | 175,129 | $ | 54,791 | $ | (34,691 | ) | |||||||||
Add: | ||||||||||||||||||||||||
Fixed charges (see below) | 20,904 | 32,019 | 25,731 | 8,209 | 7,615 | 2,604 | ||||||||||||||||||
Amortization of capitalized interest | 812 | 1,492 | 1,050 | 607 | 383 | 187 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | (3,159 | ) | (3,677 | ) | (3,896 | ) | (2,831 | ) | (1,888 | ) | (1,574 | ) | ||||||||||||
Non-controlling interest inpre-tax income of subsidiaries that have not incurred fixed charges | (5,094 | ) | (364 | ) | (261 | ) | 17 | |||||||||||||||||
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Total earnings | $ | 91,050 | $ | (68,623 | ) | $ | (804,268 | ) | $ | 181,131 | $ | 60,901 | $ | (33,474 | ) | |||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expensed | $ | 17,444 | $ | 26,520 | $ | 20,138 | $ | 4,484 | $ | 5,140 | $ | 771 | ||||||||||||
Interest capitalized | 3,159 | 3,677 | 3,896 | 2,831 | 1,888 | 1,574 | ||||||||||||||||||
Amortized premiums, discounts & capitalized expenses related to indebtedness | 235 | 1,679 | 1,616 | 850 | 547 | 231 | ||||||||||||||||||
Estimate of interest within rental expense | 66 | 143 | 81 | 44 | 40 | 28 | ||||||||||||||||||
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Total fixed charges | $ | 20,904 | $ | 32,019 | $ | 25,731 | $ | 8,209 | $ | 7,615 | $ | 2,604 | ||||||||||||
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Ratio of earnings to fixed charges | 4.36 | (a) | (a) | 22.06 | 8.00 | (a) | ||||||||||||||||||
| (a) | During the period noted, our coverage ratio was less than 1:1. We would have needed to generate additional earnings of approximately $100.6 million, $830 million and $36.1 million during the years ended December 31, 2016, 2015 and 2012, respectively, to achieve a coverage ratio of 1:1. |