2012

2013

2014

2015

2016

Income (loss) from continuing operations before provisions (benefit) for income taxes and equity in earnings of affiliate

$

65,944

$

59,119

$

9,259

$

(78,666

)

$

(130,089

)

Add:

Fixed charges

5,365

19,027

37,166

40,319

48,297

Amortization of capitalized interest

1

26

79

152

2,030

Share of distributed income of 50% owned affiliate

1,782

1,719

590

—

—

Less: (1)

Interest capitalized (2)

(398

)

(3,959

)

(14,104

)

(30,625

)

(15,015

)

Fixed charges relating to Discontinued Operations

(516

)

(852

)

(141

)

(148

)

(79

)

Adjusted earnings

$

72,178

$

75,080

$

32,849

$

(68,968

)

$

(94,856

)

Fixed charges:

  Continuing Operations:

Interest expense, net (3)

$

3,369

$

13,268

$

21,528

$

7,324

$

30,945

Interest capitalized

398

3,959

14,104

30,625

15,015

Estimate of interest in rental expense

1,082

948

1,393

2,222

2,258

Fixed charges relating to Continuing Operations

4,849

18,175

37,025

40,171

48,218

  Discontinuing Operations: (4)

Interest expense, net (3)

346

685

—

10

—

Interest capitalized

—

—

—

—

—

Estimate of interest in rental expense

170

167

141

138

79

Fixed charges relating to Discontinuing Operations

516

852

141

148

79

Total fixed charges

5,365

19,027

37,166

40,319

48,297

Preferred stock dividends (5)

475

502

551

3,273

46,317

Combined fixed charges and preferred stock dividends

$

5,840

$

19,529

$

37,717

$

43,592

$

94,614

Ratio of earnings to fixed charges

13.5

3.9

—

—

—

Insufficient coverage (6)

$

—

$

—

$

4,317

$

109,287

$

143,153

Ratio of earnings to combined fixed charges and preferred stock dividends

12.4

3.8

—

—

—

Insufficient coverage (6)

$

—

$

—

$

4,868

$

112,560

$

189,470

(1)

Only fixed charges that were deducted from income from continuing operations before income taxes should be added back in the earnings computation.

(2)

Interest capitalized during the period is deducted because fixed charges include all interest, whether capitalized or expensed.

(3)

Interest expense includes amortization of deferred debt issuance costs and excludes realized and unrealized gains or losses on interest rate financial instruments that are reported as interest expense.

(4)

On July 1, 2016, we sold our Climate Control Business and its operations have been classified as discontinued operations for all periods presented.

(5)

Preferred stock dividends include the accretion of the carrying value of preferred stock, when applicable.

(6)

For 2014, 2015 and 2016 earnings were inadequate to cover fixed charges and combined fixed charges and preferred stock dividends.