Year Ended December 31,

2015

2014

2013

2012

2011

Consolidated net earnings (loss) from continuing operations

$

925,515

$

739,284

$

229,529

$

(106,397

)

$

(274,944

)

Add (Deduct):

Fixed charges

375,094

382,210

458,285

572,108

529,798

Capitalized interest

(60,808

)

(61,457

)

(67,955

)

(53,397

)

(52,651

)

Earnings from unconsolidated entities, net

(159,262

)

(134,288

)

(97,220

)

(31,676

)

(59,935

)

Distributed income from equity entities

144,045

117,938

68,319

34,945

72,976

Income tax expense (benefit)

23,090

(25,656

)

106,733

3,580

1,776

Earnings, as adjusted

$

1,247,674

$

1,018,031

$

697,691

$

419,163

$

217,020

Fixed charges:

Interest expense

$

301,363

$

308,885

$

379,327

$

505,215

$

466,571

Capitalized interest

60,808

61,457

67,955

53,397

52,651

Portion of rents representative of the interest factor

12,923

11,868

11,003

13,496

10,576

Total fixed charges

$

375,094

$

382,210

$

458,285

$

572,108

$

529,798

Ratio of earnings, as adjusted, to fixed charges

3.3

2.7

1.5

(a

)

(a

)

(a)

The loss from continuing operations for 2012 and 2011 included impairment charges of $269.0 million and $147.7 million, respectively. Our fixed charges exceed our earnings, as adjusted, by $152.9 million and $312.8 million for the years ended December 31, 2012 and 2011, respectively.