EX-12 2 exhibit12ratioofearningsto.htm EXHIBIT 12
Exhibit 12

| Ratio of Earnings to Fixed Charges (in millions) |
|  |  |  | 2013 | 2014 | 2015 | 2016 | 2017
| Net loss before income tax (expense) benefit and earnings from equity investments |  | (153.5 | ) | (507.1 | ) | (1,711.3 | ) | (215.7 | ) | (254.5 | )
| Add fixed charges: |  |  |  |  |  |  |
|  | Interest expense including amortization of debt issuance costs |  | 119.5 |  | 307.2 |  | 664.9 |  | 661.4 |  | 609.7 |
|  | Estimate of interest within rental expense |  | 5.6 |  | 14.8 |  | 15.7 |  | 4.7 |  | 4.6 |
|  | Total fixed charges |  | 125.1 |  | 322.0 |  | 680.6 |  | 666.1 |  | 614.3 |
|  | Distributed earnings from equity investments |  | 29.5 |  | 28.5 |  | 24.9 |  | 26.4 |  | 33.2 |
|  | Adjusted earnings |  | 1.1 |  | (156.6 | ) | (1,005.8 | ) | 476.8 |  | 393.0 |
| Ratio of earnings to fixed charges (1) |  |  | — |  | (0.5 | ) | (1.5 | ) | 0.7 |  | 0.6 |

(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 $124.0 million, $478.6 million, $1,686.3 million $189.0 million, and $221.3 for years ended 2013, 2014, 2015, 2016, and 2017 respectively.