EX-12.1 4 s001795x1_ex12-1.htm EXHIBIT 12.1
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.