EX-12 2 exhibit12ratioofearningsto.htm EXHIBIT 12 Exhibit


Exhibit 12



 
Ratio of Earnings to Fixed Charges (in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
2014
2015
2016
2017
 
 
 
 
 
 
 
 
 
 
Net loss before income tax (expense) benefit and earnings from equity investments
 
(153.5
)
(507.1
)
(1,711.3
)
(215.7
)
(254.5
)
 
 
 
 
 
 
 
 
 
 
Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense including amortization of debt issuance costs
 
119.5

307.2

664.9

661.4

609.7

 
 
Estimate of interest within rental expense
 
5.6

14.8

15.7

4.7

4.6

 
 
Total fixed charges
 
125.1

322.0

680.6

666.1

614.3

 
 
 
 
 
 
 
 
 
 
 
Distributed earnings from equity investments
 
29.5

28.5

24.9

26.4

33.2

 
 
 
 
 
 
 
 
 
 
 
Adjusted earnings
 
1.1

(156.6
)
(1,005.8
)
476.8

393.0

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
 
—

(0.5
)
(1.5
)
0.7

0.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(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 $124.0 million, $478.6 million, $1,686.3 million $189.0 million, and $221.3 for years ended 2013, 2014, 2015, 2016, and 2017 respectively.