Exhibit 12

RATIO OF EARNINGS (DEFICIT) TO FIXED CHARGES

 

     Year Ended December 31,      Three Months
Ended March 31,		  
     2016     2015     2014     2013     2012      2017      2016  
    

(in thousands except for ratio)

(unaudited)

  

Earnings

                 

(Loss) income from continuing operations before income taxes

    $ (982,622 )    $ (1,480,885 )    $ 400,744     $ 251,328     $ 98,199      $ 154,455      $ (242,458 ) 

Interest expense including capitalized interest

      72,678       64,801       33,673       24,622       7,458        26,601        17,885  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Income before fixed charges

    $ (909,944 )    $ (1,416,084 )    $ 434,417     $ 275,950     $ 105,657      $ 181,056      $ (224,573 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Fixed Charges

                 

Interest expense

      72,678       64,801       33,673       24,622       7,458        26,601        17,885  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total fixed charges

      72,678       64,801       33,673       24,622       7,458        26,601        17,885  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Earnings/fixed charge coverage ratio

      N/A (1)      N/A (1)      12.9       11.2       14.2        6.8        N/A (1) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

(1) Earnings for the years ended December 31, 2016 and 2015 and the three months ended March 31, 2016 were insufficient to cover fixed charges by $1.1 billion, $1.5 billion and $260.3 million, respectively.

 

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