Year Ended December 31,

2017

2016

2015

2014

2013

(in thousands except ratios)

(unaudited)

Income (loss) before income taxes

$

67,113

$

(292,396

)

$

(1,247,702

)

$

(16,120

)

$

80,096

Add: Fixed charges

46,091

93,063

104,870

87,193

85,902

Add: Amortization of capitalized

     interest

-

5,207

40,158

4,538

4,380

Less: Capitalized Interest

-

(520

)

(7,256

)

(8,526

)

(10,058

)

Earnings before fixed charges

$

113,204

$

(194,646

)

$

(1,109,930

)

$

67,085

$

160,320

Fixed Charges:

Interest expense, net of capitalized interest

$

45,836

$

92,271

$

97,336

$

78,396

$

75,581

Capitalized interest

-

520

7,256

8,526

10,058

Portion of rental expense representative

   of an interest factor

255

272

278

271

263

     Total fixed charges

$

46,091

$

93,063

$

104,870

$

87,193

$

85,902

Ratio of earnings to fixed charges

2.5

N/A

⁽¹⁾

N/A

⁽²⁾

N/A

⁽³⁾

1.9

(1) The ratio was not meaningful.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2016 by $287.7 million, which included a ceiling test write-down of oil and gas properties of $279.1 million and a gain on exchange of debt of $123.9 million.

(2) The ratio was not meaningful.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2015 by $1,214.8 million, which included a ceiling test write-down of oil and gas properties of $987.2 million.  

(3) The ratio was less than one-to-one coverage.  Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million.