EX-12.1 4 dex121.txt COMPUTATION OF RATIOS Exhibit 12.1 ------------ Pure Resources, Inc. Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Historical ------------------------------------------------------------------------ Year ended December 31, Six Months ended June 30, ----------------------------------------------- ------------------- 1996 1997 1998 1999 2000 2000 2001 ------- ------- ------ ------- -------- ------- -------- (in thousands) Pretax earnings $48,367 $33,353 $6,822 $26,473 $117,835 $47,226 $ 89,562 Adjustments: Add fixed charges and preferred stock dividends: Interest: Expensed -- -- -- -- 4,396 661 11,036 Capitalized -- -- -- -- -- -- -- Rental expense attributable to interest 167 162 168 189 367 40 233 Preferred stock dividends -- -- -- -- -- -- -- ------- ------- ------ ------- -------- ------- -------- Total fixed charges and preferred stock 167 162 168 189 4,763 701 11,269 dividends ------- ------- ------ ------- -------- ------- -------- Deduct: Interest capitalized -- -- -- -- -- -- -- Preferred stock dividends -- -- -- -- -- -- -- ------- ------- ------ ------- -------- ------- -------- Total deducts -- -- -- -- -- -- -- ------- ------- ------ ------- -------- ------- -------- Adjusted earnings $48,534 $33,515 $6,990 $26,662 $122,598 $47,927 $100,831 ======= ======= ====== ======= ======== ======= ======== Ratio of earnings to fixed charges and preferred stock dividends 290.62 206.88 41.61 141.07 25.74 68.37 8.95 ======= ======= ====== ======= ======== ======= ======== Pro Forma ------------------------- Six Months Year ended ended December 31, June 30, -------------------------- 2000 2001 --------- ---------- Pretax earnings $129,662 $100,441 Adjustments: Add fixed charges and preferred stock dividends: Interest: Expensed 45,560 19,007 Capitalized -- -- Rental expense attributable to interest 652 341 Preferred stock dividends -- -- -------- -------- Total fixed charges and preferred stock 46,212 19,348 dividends -------- -------- Deduct: Interest capitalized -- -- Preferred stock dividends -- -- -------- -------- Total deducts -- -- -------- -------- Adjusted earnings $175,874 $119,759 ======== ======== Ratio of earnings to fixed charges and preferred stock dividends 3.81 6.19 ======== ========