Six Months Ended

June 30,

Year Ended December 31,

2016

2015

2014

2013

2012

2011

Consolidated net earnings (loss) from

   continuing operations

$

518,596

$

925,515

$

739,284

$

229,529

$

(106,397

)

$

(274,944

)

Add (Deduct):

Fixed charges

193,885

375,094

382,210

458,285

572,108

529,798

Capitalized interest

(30,275

)

(60,808

)

(61,457

)

(67,955

)

(53,397

)

(52,651

)

Earnings from unconsolidated

   entities, net

(99,765

)

(159,262

)

(134,288

)

(97,220

)

(31,676

)

(59,935

)

Distributed income from equity entities

98,887

144,045

117,938

68,319

34,945

72,976

Income tax expense (benefit)

20,679

23,090

(25,656

)

106,733

3,580

1,776

Earnings, as adjusted

$

702,007

$

1,247,674

$

1,018,031

$

697,691

$

419,163

$

217,020

Combined fixed charges and preferred stock

     dividends and unit distributions:

Interest expense

$

157,267

$

301,363

$

308,885

$

379,327

$

505,215

$

466,571

Capitalized interest

30,275

60,808

61,457

67,955

53,397

52,651

Portion of rents representative of the

   interest factor

6,343

12,923

11,868

11,003

13,496

10,576

Total fixed charges

193,885

375,094

382,210

458,285

572,108

529,798

Preferred stock dividends and unit

   distributions

3,385

6,651

7,431

18,391

41,226

34,696

Combined fixed charges and preferred

   stock dividends and unit distributions

$

197,270

$

381,745

$

389,641

$

476,676

$

613,334

$

564,494

Ratio of earnings, as adjusted, to combined

   fixed charges and preferred stock

   dividends and unit distributions

3.6

3.3

2.6

1.5

(a)

(a)

(a)

The loss from continuing operations for 2012 and 2011 includes impairment charges of $269.0 million and $147.7 million, respectively, that are discussed in our Annual Report on Form 10-K. Our combined fixed charges and preferred stock/unit dividends exceeded our earnings (loss), as adjusted, by $194.2 million and $347.5 million for the years ended December 31, 2012 and 2011, respectively.