EX-12 9 exhibit12ratioofearningsto.htm EXHIBIT 12 Exhibit


Exhibit 12



 
Ratio of Earnings to Fixed Charges (in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
2012
2013
2014
2015
 
 
 
 
 
 
 
 
 
 
Net loss before income tax expense and earnings from equity investments
 
(25.8
)
(75.7
)
(153.5
)
(507.1
)
(1,711.3
)
 
 
 
 
 
 
 
 
 
 
Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense including amortization of debt issuance costs
 
104.7

100.0

119.5

307.2

664.9

 
 
Estimate of interest within rental expense
 
5.3

5.4

5.6

14.8

15.7

 
 
Total fixed charges
 
110.0

105.4

125.1

322.0

680.6

 
 
 
 
 
 
 
 
 
 
 
Distributed earnings from equity investments
 
35.2

38.1

29.5

28.5

24.9

 
 
 
 
 
 
 
 
 
 
 
Adjusted earnings
 
119.4

67.8

1.1

(156.6
)
(1,005.8
)
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
 
1.1

0.6

—

(0.5
)
(1.5
)
 
 
 
 
 
 
 
 
 
 
(1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.
 
 
 
 
 
 
 
 
 


(1)
The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges. Earnings before fixed charges were inadequate to cover total fixed charges by $37.6 million, $124.0 million, $478.6 million and $1,686.3 million for years ended 2012, 2013, 2014 and 2015, respectively.