EX-12 3 copyofexhibit12ratioofearn.htm EXHIBIT 12
Exhibit 12

| Ratio of Earnings to Fixed Charges (in millions) |
|  |  |  | 2012 | 2013 | 2014 | 2015 | 2016
| Net loss before income tax expense and earnings from equity investments |  | (75.7 | ) | (153.5 | ) | (507.1 | ) | (1,711.3 | ) | (215.7 | )
| Add fixed charges: |  |  |  |  |  |  |
|  | Interest expense including amortization of debt issuance costs |  | 100.0 |  | 119.5 |  | 307.2 |  | 664.9 |  | 661.4 |
|  | Estimate of interest within rental expense |  | 5.4 |  | 5.6 |  | 14.8 |  | 15.7 |  | 4.7 |
|  | Total fixed charges |  | 105.4 |  | 125.1 |  | 322.0 |  | 680.6 |  | 666.1 |
|  | Distributed earnings from equity investments |  | 38.1 |  | 29.5 |  | 28.5 |  | 24.9 |  | 26.4 |
|  | Adjusted earnings |  | 67.8 |  | 1.1 |  | (156.6 | ) | (1,005.8 | ) | 476.8 |
| Ratio of earnings to fixed charges (1) |  |  | 0.6 |  | — |  | (0.5 | ) | (1.5 | ) | 0.7 |

(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, $1,686.3 million and $189.0 million for years ended 2012, 2013, 2014, 2015 and 2016, respectively.