Exhibit 12
RATIO OF EARNINGS (DEFICIT) TO FIXED CHARGES
The following table sets forth our ratios of earnings to fixed charges for the periods indicated. We have calculated the ratio of earnings to fixed charges by dividing the sum of income from continuing operations plus fixed charges by fixed charges. Fixed charges consist of interest expense. You should read these ratios in connection with our consolidated financial statements incorporated by reference into this prospectus. The financial measures used in this table may not be comparable to similarly titled financial measures used in our various agreements, including our secured revolving credit facility and the indentures.
| Year Ended December 31, | For the Six Months Ended June 30, 2015 |
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| 2014 | 2013 | 2012 | ||||||||||||||
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| Earnings |
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| Income (loss) from continuing operations |
$ | 247,403 | $ | 153,192 | $ | 71,836 | $ | (5,806 | ) | |||||||
| Interest expense |
23,986 | 17,490 | 7,458 | 20,782 | ||||||||||||
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| Income before fixed charges |
$ | 271,389 | $ | 170,682 | $ | 79,294 | $ | 14,976 | ||||||||
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| Fixed Charges |
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| Interest expense |
$ | 23,986 | $ | 17,490 | $ | 7,458 | $ | 20,782 | ||||||||
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| Total fixed charges |
23,986 | 17,490 | 7,458 | 20,782 | ||||||||||||
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| Earnings/fixed charge coverage ratio |
11.3 | x | 9.8 | x | 10.6 | x | 0.7 | x | ||||||||
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