Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands):
Six Months Ended June 30, 2017 | Year ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 6,997 | $ | 34,987 | $ | 43,446 | $ | 45,806 | $ | 39,152 | $ | 26,060 | ||||||||||||
Capitalized interest | 1,137 | 1,226 | 3,098 | 1,710 | 2,694 | 2,663 | ||||||||||||||||||
Amortization of public offering costs | 338 | 1,933 | 2,257 | 1,740 | 2,143 | 1,146 | ||||||||||||||||||
Portion of rent expense representative of interest | 2,814 | 4,692 | 3,998 | 3,303 | 4,864 | 3,986 | ||||||||||||||||||
Total fixed charges | $ | 11,286 | $ | 42,838 | $ | 52,799 | $ | 52,559 | $ | 48,853 | $ | 33,855 | ||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Net income (loss) from continuing operations before income taxes | $ | 16,656 | $ | 1,113 | $ | (393,446 | ) | $ | (1,615,128 | ) | $ | (808,679 | ) | $ | 119,484 | |||||||||
Fixed charges above | 11,286 | 42,838 | 52,799 | 52,559 | 48,853 | 33,855 | ||||||||||||||||||
Less interest capitalized | (1,137 | ) | (1,226 | ) | (3,098 | ) | (1,710 | ) | (2,694 | ) | (2,663 | ) | ||||||||||||
Current period amortization of capitalized interest | 894 | 2,022 | 3,492 | 4,895 | 6,899 | 5,725 | ||||||||||||||||||
Total earnings available for fixed charges | $ | 27,699 | $ | 44,747 | $ | (340,253 | ) | $ | (1,559,384 | ) | $ | (755,621 | ) | $ | 156,401 | |||||||||
Earnings sufficient (insufficient) to cover fixed charges | $ | 16,413 | $ | 1,909 | $ | (393,052 | ) | $ | (1,611,943 | ) | $ | (804,474 | ) | $ | 122,546 | |||||||||
Ratio of earnings to fixed charges | 2.45 | x | 1.04 | x | N/A | N/A | N/A | 4.62 | x |
N/A - represents coverage ratio of less than 1.