EX-12 2 a2020q2exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except for ratio)

 
Six Months Ended June 30,
 
2020
Earnings:
 
Income (loss) before income taxes
$
(277,143
)
Add: Fixed Charges
39,265

Add: Amortization of capitalized interest
115

Less: Interest capitalized
4,067

Less: Earnings from joint venture, net
581

Total earnings (loss)
$
(242,411
)
 
 
Fixed charges:
 
Interest costs(1)
$
36,273

Interest factor of operating lease expense(2)
2,992

Total fixed charges
$
39,265

 
 
Ratio of earnings (loss) to fixed charges(3)
(6.17
)
(1)
Interest costs include both interest expensed and capitalized, including amortization of deferred financing costs and original issue discount on debt.
(2)
Interest factor of operating lease expense is based on an estimate which the Company considers to be a reasonable approximation.
(3)
The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges.