EX-12.1 2 exhibit121-ratioofearnings.htm EXHIBIT12.1 Exhibit 12.1 - Ratio of Earnings to Fixed Charges


Exhibit 12.1

QEP Resources, Inc.
Ratio of Earnings to Fixed Charges

 
Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and adjustment for income or loss from equity investees
$
198.5

 
$
422.0

 
$
458.3

 
$
330.3

 
$
802.5

Add (deduct):
 
 
 
 
 
 
 
 
 
Fixed charges
128.7

 
95.7

 
89.8

 
72.1

 
68.3

Distributed income from equity investees
7.9

 
7.9

 
2.4

 
1.1

 
0.5

Capitalized interest
(3.4
)
 
(3.0
)
 
(3.1
)
 
—

 
(4.9
)
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges
(3.1
)
 
(3.2
)
 
(2.9
)
 
(2.6
)
 
(9.0
)
Total earnings
$
328.6

 
$
519.4

 
$
544.5

 
$
400.9

 
$
857.4

Fixed Charges
 
 
 
 
 
 
 
 
 
Interest expense
$
122.9

 
$
90.0

 
$
84.4

 
$
70.1

 
$
61.7

Capitalized interest
3.4

 
3.0

 
3.1

 
—

 
4.9

Estimate of the interest within rental expense
2.4

 
2.7

 
2.3

 
2.0

 
1.7

Total Fixed Charges
$
128.7

 
$
95.7

 
$
89.8

 
$
72.1

 
$
68.3

Ratio of Earnings to Fixed Charges
2.6

 
5.4

 
6.1

 
5.6

 
12.6