EX-99.4 6 exhibit994.htm EXHIBIT 99.4 Exhibit



Exhibit 99.4

Computation of Ratio of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends
($ in thousands, except ratios)

 
For the Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations before earnings from equity method investments and other items
$
(110,899
)
 
$
(139,564
)
 
$
(178,293
)
 
$
(264,644
)
 
$
(411,106
)
    Add: Fixed charges as calculated below
229,152

 
231,967

 
232,037

 
270,872

 
359,844

Add: Distributions from operations of equity method investments
48,732

 
29,999

 
80,116

 
17,252

 
105,586

Less: Capitalized interest
(5,809
)
 
(5,337
)
 
(4,893
)
 
(2,590
)
 
(1,794
)
Total earnings
$
161,176

 
$
117,065

 
$
128,967

 
$
20,890

 
$
52,530

Fixed charges:
 
 
 
 
 
 
 
 
 
    Interest expense(1)
$
221,398

 
$
224,639

 
$
224,483

 
$
266,225

 
$
356,161

    Add: Capitalized interest
5,809

 
5,337

 
4,893

 
2,590

 
1,794

Implied interest component on the company's rent obligations
1,945

 
1,991

 
2,661

 
2,057

 
1,889

Fixed charges
$
229,152

 
$
231,967

 
$
232,037

 
$
270,872

 
$
359,844

    Preferred dividends
51,320

 
51,320

 
51,320

 
49,020

 
42,320

Fixed charges and preferred dividends
$
280,472

 
$
283,287

 
$
283,357

 
$
319,892

 
$
402,164

    Earnings to fixed charges(2)
—

 
—

 
—

 
—

 
—

    Earnings to fixed charges and preferred dividends(2)
—

 
—

 
—

 
—

 
—

_______________________________________________________________________________
(1)
For the years ended December 31, 2012, interest expense includes $1,064 of interest expense reclassified to discontinued operations.
(2)
For the years ended December 31, 2016, 2015, 2014, 2013 and 2012 earnings were not sufficient to cover fixed charges by $67,976, $114,902, $103,070, $249,982 and $307,314, respectively, and earnings were not sufficient to cover fixed charges and preferred dividends by $119,296, $166,222, $154,390, $299,002 and $349,634, respectively.