2013

2014

2015 (7)

2016

2017

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

$

59,119

$

9,259

$

(78,666

)

$

(130,089

)

$

(71,052

)

Add:

Fixed charges

19,027

37,166

40,319

48,297

39,635

Amortization of capitalized interest

26

79

372

2,030

2,272

Share of distributed income of 50% owned affiliate

1,719

590

—

—

—

Less: (1)

Interest capitalized (2)

(3,959

)

(14,104

)

(30,625

)

(15,015

)

(255

)

Fixed charges relating to Discontinued Operations

(852

)

(141

)

(148

)

(79

)

—

Adjusted earnings

$

75,080

$

32,849

$

(68,748

)

$

(94,856

)

$

(29,400

)

Fixed charges:

  Continuing Operations:

Interest expense, net (3)

$

13,268

$

21,528

$

7,324

$

30,945

$

37,267

Interest capitalized

3,959

14,104

30,625

15,015

255

Estimate of interest in rental expense

948

1,393

2,222

2,258

2,113

Fixed charges relating to Continuing Operations

18,175

37,025

40,171

48,218

39,635

  Discontinuing Operations: (4)

Interest expense, net (3)

685

—

10

—

—

Interest capitalized

—

—

—

—

—

Estimate of interest in rental expense

167

141

138

79

—

Fixed charges relating to Discontinued Operations

852

141

148

79

—

Total fixed charges

19,027

37,166

40,319

48,297

39,635

Preferred stock dividends (5)

502

551

3,273

46,317

30,230

Combined fixed charges and preferred stock dividends

$

19,529

$

37,717

$

43,592

$

94,614

$

69,865

Ratio of earnings to fixed charges

3.9

—

—

—

—

Insufficient coverage (6)

$

—

$

4,317

$

109,067

$

143,153

$

69,035

Ratio of earnings to combined fixed charges and preferred stock dividends

3.8

—

—

—

—

Insufficient coverage (6)

$

—

$

4,868

$

112,340

$

189,470

$

99,265

(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, 2016 and 2017 earnings were inadequate to cover fixed charges and combined fixed charges and preferred stock dividends.

(7)

The amount of amortization of capitalized interest for 2015 has been adjusted by $220,000 relating to amortization previously incorrectly excluded from the computation.