EX-12 5 a2020q1exhibit12.htm EXHIBIT 12
Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)

| Three Months Ended March 31,
| 2020
Earnings: |
Income (loss) before income taxes | $ | (130,726 | )
Add: Fixed Charges | 61,879 |
Add: Amortization of capitalized interest | 58 |
Less: Interest capitalized | 4,067 |
Less: Earnings from joint venture, net | 118 |
Total earnings (loss) | $ | (72,974 | )
Fixed charges: |
Interest costs (1) | $ | 60,411 |
Interest factor of operating lease expense (2) | 1,468 |
Total fixed charges | $ | 61,879 |
Ratio of earnings (loss) to fixed charges (3) | (1.18 | )

(1) | Interest costs include both interest expensed and capitalized, including amortization of deferred financing costs and original issue discount on debt.

(2) | Interest factor of operating lease expense is based on an estimate which the Company considers to be a reasonable approximation.

(3) | The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges.