EX-12 3 a2020q4exhibit12.htm EX-12
Exhibit 12
Computation of Ratio of Earnings to Fixed Charges

| For the Year Ended December 31,
(in thousands, except for ratio) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
Earnings (loss): |  |  |  |  |  |  |  |  |
Income (loss) before income taxes | $ | (361,067) |  |  | $ | 301,247 |  |  | $ | 199,318 |  |  | $ | 199,007 |  |  | $ | 347,967 |
Add: Fixed Charges | 68,417 |  |  | 85,819 |  |  | 59,882 |  |  | 44,924 |  |  | 33,058 |
Add: Amortization of capitalized interest | 231 |  |  | 229 |  |  | 173 |  |  | 168 |  |  | 130 |
Less: Interest capitalized | 4,067 |  |  | 4,472 |  |  | 2,354 |  |  | 3,188 |  |  | 1,763 |
Less: Earnings from joint venture, net | 1,270 |  |  | 839 |  |  | 167 |  |  | 159 |  |  | 164 |
Total earnings (loss) | $ | (297,756) |  |  | $ | 381,984 |  |  | $ | 256,852 |  |  | $ | 240,752 |  |  | $ | 379,228 |
Fixed charges: |  |  |  |  |  |  |  |  |
Interest costs (1) | $ | 60,493 |  |  | $ | 81,273 |  |  | $ | 56,116 |  |  | $ | 42,178 |  |  | $ | 30,599 |
Interest factor of operating lease expense (2) | 7,924 |  |  | 4,546 |  |  | 3,766 |  |  | 2,746 |  |  | 2,459 |
Total fixed charges | $ | 68,417 |  |  | $ | 85,819 |  |  | $ | 59,882 |  |  | $ | 44,924 |  |  | $ | 33,058 |
Ratio of earnings to fixed charges (3) | (4.35) |  |  | 4.45 |  |  | 4.29 |  |  | 5.36 |  |  | 11.47 |

(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.