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Exhibit 12.1

SCHEDULE OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Years Ended December 31,
 
Six Months Ended June 30,
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
2016
 
 
(in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and cumulative effect of accounting change
 
$
53,969

 
$
116,453

 
$
(27,568
)
 
$
(10,168
)
 
$
(314,019
)
 
$
(175,099
)
Interest expense
 
86,192

 
93,200

 
93,890

 
87,236

 
99,600

 
45,568

Loss on investment in equity investees in excess of distributed earnings
 
—

 
361

 
958

 
6,094

 
7,928

 
—

Amortization of capitalized interest
 
170

 
115

 
381

 
422

 
540

 
308

Loan cost amortization
 
523

 
2,906

 
2,928

 
6,122

 
4,623

 
2,287

Earnings (loss)
 
$
140,854

 
$
213,035

 
$
70,589

 
$
89,706

 
$
(201,328
)
 
$
(126,936
)
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
86,192

 
$
93,200

 
$
93,890

 
$
87,236

 
$
99,600

 
$
45,568

Capitalized interest
 
883

 
2,249

 
1,131

 
2,103

 
2,309

 
989

Loan cost amortization
 
523

 
2,906

 
2,928

 
6,122

 
4,623

 
2,287

Fixed Charges
 
$
87,598

 
$
98,355

 
$
97,949

 
$
95,461

 
$
106,532

 
$
48,844

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.6

 
2.2

 
(a)
 
(a)
 
(a)
 
(a)

(a)
Earnings (loss) for the six months ended June 30, 2016 and twelve months ended December 31, 2015, 2014 and 2013 were inadequate to cover fixed charges by $144.8 million, $307.9 million, $5.8 million and $27.4 million, respectively.