EX-12 35 a2216270zex-12.htm EX-12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Years Ended December 31,

 

Six Months Ended June
30,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

2013

 

2012

 

 

 

(In thousands, except ratios)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

(1,164,759

)

494,823

 

577,596

 

183,994

 

332,789

 

(199,735

)

80,584

 

Plus: Fixed charges

 

152,463

 

108,594

 

22,723

 

23,808

 

32,627

 

109,643

 

65,881

 

Less: Interest capitalized during the period

 

(7,677

)

(5,474

)

(1,363

)

(1,196

)

(3,860

)

(1,181

)

(3,560

)

 

 

(1,019,973

)

597,943

 

598,956

 

206,606

 

361,556

 

(91,273

)

142,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

139,356

 

96,820

 

17,250

 

18,975

 

26,226

 

105,747

 

59,171

 

Plus: Interest capitalized during the period

 

7,677

 

5,474

 

1,363

 

1,196

 

3,860

 

1,181

 

3,560

 

Interest portion of rental expense

 

5,430

 

6,300

 

4,110

 

3,637

 

2,541

 

2,715

 

3,150

 

 

 

152,463

 

108,594

 

22,723

 

23,808

 

32,627

 

109,643

 

65,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges (1)

 

n/a

 

5.51

 

26.36

 

8.68

 

11.08

 

n/a

 

2.17

 

 


(1) For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by approximately $1,172.4 million.  For the six months ended June 30, 2013, earnings were insufficient to cover fixed charges by approximately $200.9 million.