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Computation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
| Successor | | Predecessor | Successor | | Predecessor | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Period from September 10, 2016 through December 31, 2016 | Period from January 1, 2016 through September 9, 2016 | | | | | |||||||||||||||||||||
| Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | Year Ended December 31, | ||||||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 221,529 | $ | (914,302 | ) | $ | (474,449 | ) | $ | 3,292 | $ | (1,913,535 | ) | $ | 314,880 | $ | (1,380,378 | ) | $ | (67,066 | ) | ||||||||
Adjustments: | |||||||||||||||||||||||||||||
Equity investment loss (income) | (416 | ) | 141 | (9 | ) | 152 | 171 | (617 | ) | (97 | ) | (373 | ) | ||||||||||||||||
Interest capitalized | — | (52,944 | ) | — | (68,192 | ) | (113,009 | ) | (168,897 | ) | (203,993 | ) | (53,492 | ) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes, as adjusted | $ | 221,113 | $ | (967,105 | ) | $ | (474,458 | ) | $ | (64,748 | ) | $ | (2,026,373 | ) | $ | 145,366 | $ | (1,584,468 | ) | $ | (120,931 | ) | |||||||
Fixed charges | 45,699 | 157,530 | 29,013 | 197,640 | 340,399 | 320,403 | 262,046 | 86,589 | |||||||||||||||||||||
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Total earnings | $ | 266,812 | $ | (809,575 | ) | $ | (445,445 | ) | $ | 132,892 | $ | (1,685,974 | ) | $ | 465,769 | $ | (1,322,422 | ) | $ | (34,342 | ) | ||||||||
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Fixed charges: | |||||||||||||||||||||||||||||
Interest expense and amortization of finance costs | $ | 45,052 | $ | 156,096 | $ | 28,553 | $ | 195,698 | $ | 337,554 | $ | 317,732 | $ | 259,159 | $ | 85,372 | |||||||||||||
Rental expense representative of interest factor | 647 | 1,434 | 460 | 1,942 | 2,845 | 2,671 | 2,887 | 1,217 | |||||||||||||||||||||
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Total fixed charges | $ | 45,699 | $ | 157,530 | $ | 29,013 | $ | 197,640 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | |||||||||||||
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Ratio of earnings to fixed charges | 5.8 | — | (1) | — | (2) | — | (3) | — | (4) | 1.5 | — | (5) | — | (6) | |||||||||||||||
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- (1)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $967.1 million to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $474.5 million to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before income taxes, as adjusted" or the period from January 1, 2016 through September 9, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $64.7 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.0 billion to achieve a coverage ratio of 1:1.
- (5)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.
- (6)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.
Computation of Ratio of Earnings to Fixed Charges (In thousands, except ratios)