Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Years Ended December 31 , |
|
|
|
| Four Months Ended December 31, |
|
|
|
| Eight Months Ended August 31, |
|
|
|
| Year Ended December 31, | ||||||||||||||
(in millions) | 2016 |
|
| 2015 |
|
| 2014 |
|
|
|
| 2013 |
|
|
|
| 2013 |
|
|
|
| 2012 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes | $ | 78 |
|
| $ | 2 |
|
| $ | (49 | ) |
|
|
| $ | (55 | ) |
|
|
| $ | 2,406 |
|
|
|
| $ | (1,610 | ) |
|
Series A preferred stock dividends |
| (3 | ) |
|
| — |
|
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
|
Income (loss) from continuing operations before income taxes attributable to common stockholders |
| 75 |
|
|
| 2 |
|
|
| (49 | ) |
| # |
|
| (55 | ) |
| # |
|
| 2,406 |
|
| # |
|
| (1,610 | ) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 60 |
|
|
| 63 |
|
|
| 62 |
|
|
|
|
| 22 |
|
|
|
|
| 106 |
|
|
|
|
| 139 |
|
|
Interest component of rental expense (1) |
| 9 |
|
|
| 10 |
|
|
| 13 |
|
|
|
|
| 5 |
|
|
|
|
| 12 |
|
|
|
|
| 20 |
|
|
Amortization of capitalized interest |
| — |
|
|
| — |
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| 2 |
|
|
Series A preferred stock dividends |
| 3 |
|
|
| — |
|
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
|
Earnings available for fixed charges | $ | 147 |
|
| $ | 75 |
|
| $ | 26 |
|
| # |
| $ | (28 | ) |
| # |
| $ | 2,524 |
|
| # |
| $ | (1,449 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 60 |
|
|
| 63 |
|
|
| 62 |
|
|
|
|
| 22 |
|
|
|
|
| 106 |
|
|
|
|
| 139 |
|
|
Interest component of rental expense (1) |
| 9 |
|
|
| 10 |
|
|
| 13 |
|
|
|
|
| 5 |
|
|
|
|
| 12 |
|
|
|
|
| 20 |
|
|
Capitalized interest |
| - |
|
|
| 2 |
|
|
| 3 |
|
|
|
|
| — |
|
|
|
|
| — |
|
|
|
|
| 1 |
|
|
Series A preferred stock dividends |
| 3 |
|
|
| — |
|
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
| # |
|
| — |
|
|
Total fixed charges and preferred stock dividends | $ | 72 |
|
| $ | 75 |
|
| $ | 78 |
|
| # |
| $ | 27 |
|
| # |
| $ | 118 |
|
| # |
| $ | 160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 2.0 |
|
|
| 1.0 |
|
| * |
|
|
|
| ** |
|
|
|
|
| 21.4 |
|
|
|
| * * * |
|
|
| (1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
| * | Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges. The coverage deficiency was $52 million. |
| * * | Earnings for the four months ended December 31, 2013 were inadequate to cover fixed charges. The coverage deficiency was $55 million. |
| * * * | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $1,609 million. |