Three Months

Year Ended December 31,

Ended March

Fixed charges

2012

2013

2014

2015

2016

31, 2017

Interest expense

286,019

226,329

780,349

1,099,884

1,091,861

285,678

Capitalized interest

2,616

7,455

80,328

79,230

107,688

27,321

Portion of rent expense representative of interest

698

712

4,597

5,754

4,465

1,003

Total fixed charges

289,333

234,496

865,274

1,184,868

1,204,014

314,002

Earnings:

Income from continuing operations before income tax

154,879

310,791

916,898

1,365,699

1,200,396

296,841

Distributed income from equity investees

1,848

4,324

25,158

2,652

9,136

—

Fixed charged from above

289,333

234,496

865,274

1,184,868

1,204,014

314,002

Less capitalized interest from above

(2,616

)

(7,455

)

(80,328

)

(79,230

)

(107,688

)

(27,321

)

Amortization of capitalized interest

2,743

2,838

3,010

4,647

8,757

2,423

Earnings (as defined)

446,187

544,994

1,730,012

2,478,636

2,314,615

585,945

Ratio of earnings to fixed charges

1.54

2.32

2.00

2.09

1.92

1.87