Year ended December 31,

2016

2015

2014

2013

2012

Pre-tax income from continuing operations before adjustment for income or loss from equity investees

$

61,763

$

73,304

$

179,464

$

214,635

$

186,822

Add:

Fixed charges (see below)

149,768

124,708

85,589

65,222

31,642

Amortization of capitalized interest

—

—

—

—

—

Distributed income of equity investees

—

—

—

—

—

Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges

—

—

—

—

—

211,531

198,012

265,053

279,857

218,464

Less:

Capitalized interest

—

—

—

—

—

Preference security dividend requirements of consolidated subsidiaries

—

—

—

—

—

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.

—

—

—

—

—

Adjusted earnings

$

211,531

$

198,012

$

265,053

$

279,857

$

218,464

Fixed charges:

Interest expensed and capitalized

$

134,619

$

111,741

$

75,013

$

54,682

$

26,084

Amortized premiums, discounts and capitalized expenses related to indebtedness

15,149

12,967

10,576

10,540

5,558

Estimated interest within rental expense

—

—

—

—

—

Preference security dividend requirements of consolidated subsidiaries

—

—

—

—

—

$

149,768

$

124,708

$

85,589

$

65,222

$

31,642

Ratio of earnings to fixed charges

1.4

1.6

3.1

4.3

6.9

Ratio of earnings to fixed charges and preferred share distributions1

1.4

1.6

3.1

4.3

6.9