Three Months Ended

March 31,

Year Ended December 31,

2015

2014

2013

2012

2011

2010

Consolidated net earnings (loss) from continuing operations

$

351,312

$

739,284

$

229,529

$

(106,397

)

$

(274,944

)

$

(1,605,355

)

Add (Deduct):

Fixed charges

88,375

382,210

458,285

572,108

529,798

518,399

Capitalized interest

(16,284

)

(61,457

)

(67,955

)

(53,397

)

(52,651

)

(53,661

)

Earnings from unconsolidated entities, net

(31,042

)

(134,288

)

(97,220

)

(31,676

)

(59,935

)

(23,678

)

Distributed income from equity entities

32,361

117,937

68,618

34,945

72,976

27,404

Income tax expense (benefit)

1,891

(25,656

)

106,733

3,580

1,776

(30,499

)

Earnings (loss), as adjusted

$

426,613

$

1,018,030

$

697,990

$

419,163

$

217,020

$

(1,167,390

)

Fixed charges:

Interest expense

$

68,761

$

308,885

$

379,327

$

505,215

$

466,571

$

461,166

Capitalized interest

16,284

61,457

67,955

53,397

52,651

53,661

Portion of rents representative of the interest factor

3,330

11,868

11,003

13,496

10,576

3,572

Total fixed charges

$

88,375

$

382,210

$

458,285

$

572,108

$

529,798

$

518,399

Ratio of earnings (loss), as adjusted, to fixed charges

4.8

2.7

1.5

(a)

(a)

(a)

(a)

The loss from continuing operations for 2012, 2011 and 2010 included impairment charges of $269.0 million, $147.7 million and $1.1 billion, respectively, that are discussed in our Annual Report on Form 10-K. Our fixed charges exceed our earnings (loss), as adjusted, by $152.9 million, $312.8 million and $1.7 billion for the years ended December 31, 2012, 2011 and 2010, respectively.