EX-12.1 3 kwks-320140729ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES KWK S-3 2014.07.29 EX12.1


Exhibit 12.1
Quicksilver Resources Inc.
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
 
 
 
Three Months Ended
 
Years Ended December 31,
 
 
March 31, 2014
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(56,182
)
 
$
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
 
42,302

 
193,500

 
183,761

 
190,812

 
193,575

 
175,465

Deduct:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(1,309
)
 
(7,703
)
 
(18,423
)
 
(7,416
)
 
(4,750
)
 
(6,127
)
Noncontrolling interest
 
—

 
—

 
—

 
—

 
(9,724
)
 
(12,234
)
Earnings for computation
 
$
(15,189
)
 
$
361,965

 
$
(2,482,838
)
 
$
359,574

 
$
891,512

 
$
(744,096
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Gross interest expense
 
$
39,375

 
$
165,381

 
$
172,502

 
$
172,696

 
$
174,906

 
$
155,696

Amortization of debt issuance/discount
 
2,665

 
26,920

 
9,854

 
16,510

 
17,226

 
18,410

Portion of rents representative of interest
 
262

 
1,199

 
1,405

 
1,606

 
1,443

 
1,359

Total fixed charges
 
$
42,302

 
$
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
 
$
(57,491
)
 
N/A

 
$
(2,666,599
)
 
N/A

 
N/A

 
$
(919,561
)