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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
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Readability |
H.S. junior Avg
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Exhibit 12.1
Ratio of Earnings to Fixed Charges
The ratio of earnings to fixed charges for each of the periods indicated was as follows (in thousands):
|
| Year Ended December 31, |
| |||||||||||||||||
|
| 2017 |
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
| $ | (2,209,032 | ) |
| $ | (746,348 | ) |
| $ | (875,624 | ) |
| $ | (284,636 | ) |
| $ | (71,426 | ) |
Add: Fixed charges |
|
| 655,415 |
|
|
| 275,077 |
|
|
| 183,054 |
|
|
| 129,096 |
|
|
| 43,614 |
|
Add: Amortization of capitalized interest |
|
| 14,706 |
|
|
| 9,789 |
|
|
| 4,261 |
|
|
| 1,953 |
|
|
| 1,406 |
|
Subtract: Capitalized interest |
|
| (124,913 | ) |
|
| (46,691 | ) |
|
| (41,477 | ) |
|
| (12,762 | ) |
|
| (3,501 | ) |
Total losses |
| $ | (1,663,824 | ) |
| $ | (508,173 | ) |
| $ | (729,786 | ) |
| $ | (166,349 | ) |
| $ | (29,907 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 471,259 |
|
| $ | 198,810 |
|
| $ | 118,851 |
|
| $ | 100,886 |
|
| $ | 32,934 |
|
Capitalized interest |
|
| 124,913 |
|
|
| 46,691 |
|
|
| 41,477 |
|
|
| 12,762 |
|
|
| 3,501 |
|
Interest factor in rental expense (1) |
|
| 59,243 |
|
|
| 29,576 |
|
|
| 22,726 |
|
|
| 15,448 |
|
|
| 7,179 |
|
Total fixed charges |
| $ | 655,415 |
|
| $ | 275,077 |
|
| $ | 183,054 |
|
| $ | 129,096 |
|
| $ | 43,614 |
|
Ratio of earnings to fixed charges (2) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
(1) | Determined using an assumed interest factor of 33% of rental expense |
(2) | Earnings were inadequate to cover fixed charges by $2.32 billion, $783.3 million, $912.8 million, $295.4 million and $73.5 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively. |