Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratios of earnings (deficit) to fixed charges for the periods indicated. We have calculated the ratio of earnings (deficit) to fixed charges by dividing the sum of income from continuing operations plus fixed charges by fixed charges. Fixed charges consist of interest expense and capitalized interest. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we have no preferred stock outstanding as of the date herein. You should read these ratios in connection with our consolidated financial statements incorporated by reference herein. 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 governing our existing notes.

 

     Year Ended December 31,      Nine Months Ended September 30,  
             2015                     2014                      2013                      2012                      2011                      2016                     2015          

Earnings

                   

(Loss) income from continuing operations before income taxes

    $ (1,480,885 )    $ 400,744       $ 251,328       $ 98,199       $ 108,332       $ (743,094 )    $ (613,353 ) 

Interest expense including capitalized interest

      64,801        33,673         24,559         7,458         1,400         53,813        46,947   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Income before fixed charges

    $ (1,416,084 )    $ 434,417       $ 275,887       $ 105,657       $ 109,732       $ (689,281 )    $ (566,406 ) 
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Fixed Charges

                   

Interest expense

      64,801        33,673         24,559         7,458         1,400         53,813        46,947   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

      64,801        33,673         24,559         7,458         1,400         53,813        46,947   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Earnings/fixed charge coverage ratio

      N/A (1)      12.9         11.2         14.2         78.4         N/A (1)      N/A (1) 
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

(1) Earnings for the year ended December 31, 2015 and the nine months ended September 30, 2015 and 2016 were insufficient to cover fixed charges by $1.5 billion, $660.3 million and $796.9 million, respectively.