For the Year Ended | |||||||||||||||
(In Thousands, Except Ratios) | December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Net income before taxes | $ | 524,776 | $ | 552,026 | $ | 250,350 | $ | 589,207 | $ | 362,688 | |||||
Add: Fixed charges (interest expense) (1) | 548,196 | 375,963 | 306,590 | 200,430 | 123,856 | ||||||||||
Preferred stock dividend | 33,484 | 2,449 | — | — | — | ||||||||||
Income as adjusted | $ | 1,106,456 | $ | 930,438 | $ | 556,940 | $ | 789,637 | $ | 486,544 | |||||
Fixed charges (interest expense) + preferred stock dividend | $ | 581,680 | $ | 378,412 | $ | 306,590 | $ | 200,430 | $ | 123,856 | |||||
Ratio of income (losses) to combined fixed charges and preferred stock dividends | 1.90 | x | 2.46 | x | 1.82x | 3.94x | 3.93x | ||||||||
Deficiency | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
(1) Includes effect of realized losses on interest rate swaps. |