EX-12 9 exhibit12ratioofearningsto.htm EXHIBIT 12
Exhibit 12

| Ratio of Earnings to Fixed Charges (in millions)
|  |  |  | 2011 | 2012 | 2013 | 2014 | 2015
| Net loss before income tax expense and earnings from equity investments |  | (25.8 | ) | (75.7 | ) | (153.5 | ) | (507.1 | ) | (1,711.3 | )
| Add fixed charges: |  |  |  |  |  |  |
|  | Interest expense including amortization of debt issuance costs |  | 104.7 |  | 100.0 |  | 119.5 |  | 307.2 |  | 664.9 |
|  | Estimate of interest within rental expense |  | 5.3 |  | 5.4 |  | 5.6 |  | 14.8 |  | 15.7 |
|  | Total fixed charges |  | 110.0 |  | 105.4 |  | 125.1 |  | 322.0 |  | 680.6 |
|  | Distributed earnings from equity investments |  | 35.2 |  | 38.1 |  | 29.5 |  | 28.5 |  | 24.9 |
|  | Adjusted earnings |  | 119.4 |  | 67.8 |  | 1.1 |  | (156.6 | ) | (1,005.8 | )
| Ratio of earnings to fixed charges (1) |  |  | 1.1 |  | 0.6 |  | — |  | (0.5 | ) | (1.5 | )
| (1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.

(1) | The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges. Earnings before fixed charges were inadequate to cover total fixed charges by $37.6 million, $124.0 million, $478.6 million and $1,686.3 million for years ended 2012, 2013, 2014 and 2015, respectively.