EX-12 2 a2020q2exhibit12.htm EXHIBIT 12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except for ratio)

| Six Months Ended June 30,
| 2020
Earnings: |
Income (loss) before income taxes | $ | (277,143 | )
Add: Fixed Charges | 39,265 |
Add: Amortization of capitalized interest | 115 |
Less: Interest capitalized | 4,067 |
Less: Earnings from joint venture, net | 581 |
Total earnings (loss) | $ | (242,411 | )
Fixed charges: |
Interest costs(1) | $ | 36,273 |
Interest factor of operating lease expense(2) | 2,992 |
Total fixed charges | $ | 39,265 |
Ratio of earnings (loss) to fixed charges(3) | (6.17 | )

(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.