EX-12.1 20 kwks-420140401ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES KWK S-4 2014.04.01 EX12.1


Exhibit 12.1
Quicksilver Resources Inc.
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
Years ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
176,168

 
$
(2,648,176
)
 
$
147,909

 
$
713,828

 
$
(836,856
)
Income of equity investees
 
—

 
—

 
8,439

 
(22,323
)
 
(75,444
)
Cash distributions from equity investees
 
—

 
—

 
19,830

 
20,906

 
11,100

Fixed charges
 
193,500

 
183,761

 
190,812

 
193,575

 
175,465

Deduct:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(7,703
)
 
(18,423
)
 
(7,416
)
 
(4,750
)
 
(6,127
)
Noncontrolling interest
 
—

 
—

 
—

 
(9,724
)
 
(12,234
)
Earnings for computation
 
$
361,965

 
$
(2,482,838
)
 
$
359,574

 
$
891,512

 
$
(744,096
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Gross interest expense
 
$
165,381

 
$
172,502

 
$
172,696

 
$
174,906

 
$
155,696

Amortization of debt issuance/discount
 
26,920

 
9,854

 
16,510

 
17,226

 
18,410

Portion of rents representative of interest
 
1,199

 
1,405

 
1,606

 
1,443

 
1,359

Total fixed charges
 
$
193,500

 
$
183,761

 
$
190,812

 
$
193,575

 
$
175,465

Ratio of earnings to fixed charges
 
1.9

 
—

 
1.9

 
4.6

 
—

Earnings insufficient to cover fixed charges
 
N/A

 
$
(2,666,599
)
 
N/A

 
N/A

 
$
(919,561
)