EX-12 5 h92630ex12.txt COMPUTATION OF RATIOS OF EARNINGS & FIXED CHARGES EXHIBIT 12 CHEASAPEAKE ENERGY CORPORATION Debt Offering - $250 Million (In 000's)
Year Year Six Months Year Year Year Nine Months Ended Ended Ended Ended Ended Ended Ended June 30, June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Sept. 30, 1996 1997 1997 1998 1999 2000 2000 -------- -------- ---------- -------- -------- -------- ----------- RATIO OF EARNINGS TO FIXED CHGS Income before income taxes and extraordinary item 36,209 (180,330) (31,574) (920,520) 35,030 196,162 369,400 Interest 13,679 18,550 17,448 68,249 81,052 86,256 72,977 Preferred Stock Dividends -- -- -- -- Amortization of capitalized interest 234 8,771 4,386 12,240 1,047 1,226 930 Less: interest capitalized during year -- Bond discount amortization (a) -- -- -- Loan cost amortization 1,288 1,455 794 2,516 3,338 3,669 2,871 -------- -------- -------- -------- -------- -------- -------- Earnings 51,410 (151,554) (8,947) (837,515) 120,467 287,313 446,178 Interest expense 13,679 18,550 17,448 68,249 81,052 86,256 72,977 Capitalized interest 6,428 12,935 5,087 6,470 3,356 2,452 3,290 Preferred Stock Dividends -- Bond discount amortization (a) -- -- -- -- -- -- Loan cost amortization 1,288 1,455 794 2,516 3,338 3,669 2,871 -------- -------- -------- -------- -------- -------- -------- Fixed Charges 21,395 32,940 23,329 77,235 87,746 92,377 79,138 Ratio 2.4 (4.6) (0.4) (20.8) 1.4 3.1 5.6 (A) Bond discount excluded since its included in interest expense insufficient coverage 0 184494 32275.5 914750 0 0 0
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