Year Ended December 31,

2016

2015

2014

2013

2012

Consolidated net earnings (loss) from continuing operations

$

1,292,540

$

925,515

$

739,284

$

229,529

$

(106,397

)

Add (Deduct):

Fixed charges

382,436

375,094

382,210

458,285

572,108

Capitalized interest

(64,815

)

(60,808

)

(61,457

)

(67,955

)

(53,397

)

Earnings from unconsolidated entities, net

(206,307

)

(159,262

)

(134,288

)

(97,220

)

(31,676

)

Distributed income from equity entities

286,651

284,664

294,890

68,319

34,945

Income tax expense (benefit)

54,564

23,090

(25,656

)

106,733

3,580

Earnings, as adjusted

$

1,745,069

$

1,388,293

$

1,194,983

$

697,691

$

419,163

Combined fixed charges and preferred stock dividends and

   unit distributions:

Interest expense

$

303,146

$

301,363

$

308,885

$

379,327

$

505,215

Capitalized interest

64,815

60,808

61,457

67,955

53,397

Portion of rents representative of the interest factor

14,475

12,923

11,868

11,003

13,496

Total fixed charges

382,436

375,094

382,210

458,285

572,108

Preferred stock dividends and unit distributions

6,714

6,651

7,431

18,391

41,226

Combined fixed charges and preferred stock

   dividends and unit distributions

$

389,150

$

381,745

$

389,641

$

476,676

$

613,334

Ratio of earnings, as adjusted, to combined fixed

   charges and preferred stock dividends and unit

        distributions

4.5

3.6

3.1

1.5

(a)

(a)

The loss from continuing operations for 2012 includes impairment charges of $269 million. Our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $194 million for the year ended December 31, 2012.