Three Months Ended | ||||||||||||||||||
Year Ended December 31, | March 31, | |||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||
Earnings | ||||||||||||||||||
Income (loss) before income taxes | $ | 245,874 | $ | 363,017 | $ | 814,468 | $ (56,371) | $ (371,554) | $ | 39,862 | ||||||||
Add: Fixed charges | 73,932 | 112,282 | 167,890 | 170,624 | 159,260 | 39,719 | ||||||||||||
Add: Amortization of capitalized interest | 671 | 1,009 | 1,718 | 3,315 | 4,935 | 1,858 | ||||||||||||
Less: Capitalized interest | (3,298) | (4,592) | (8,850) | (18,582) | (16,848) | (2,820) | ||||||||||||
Total earnings (loss) | $ | 317,179 | $ | 471,716 | $ | 975,226 | $ | 98,986 | $ (224,207) | $ | 78,619 | |||||||
Fixed charges | ||||||||||||||||||
Interest expense | $ | 70,143 | $ | 107,165 | $ | 158,390 | $ | 149,648 | $ | 140,305 | $ | 36,321 | ||||||
Capitalized interest | 3,298 | 4,592 | 8,850 | 18,582 | 16,848 | 2,820 | ||||||||||||
Rental expense attributable to interest | 491 | 525 | 650 | 2,394 | 2,107 | 578 | ||||||||||||
Total fixed charges | $ | 73,932 | $ | 112,282 | $ | 167,890 | $ | 170,624 | $ | 159,260 | $ | 39,719 | ||||||
Ratio of earnings (loss) to fixed charges (1) | 4.29 | 4.20 | 5.81 | — | — | 1.98 | ||||||||||||
(1) | Due to the Company's net pre-tax loss for the years ended December 31, 2016 and 2015, the ratio coverage was less than 1:1. The Company would have needed additional earnings of $383.5 million and $71.6 million for the years ended December 31, 2016 and 2015, respectively, to achieve a coverage of 1:1. |