EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the ratios of earnings to fixed charges for us and our predecessors for each of the periods indicated. All dollar amounts are reported in thousands.

 

     2010     2009     2008     2007     2006  

Net Income (loss)(1)

    $ (276,810 )   $ (8,645 )   $ 7,418      $ 14,447      $ 15,989   

Fixed Charges:

           

Total Fixed Charges(2)

      13,096        12,127        12,256        6,930        221   
                                        

Total

      13,096        12,127        12,256        6,930        221   
                                        

Earnings (loss)

    $ (263,714 )    $ 3,482      $ 19,674      $ 21,377      $ 16,210   
                                        

Ratio of earnings (loss) to fixed charges(3)

      —          —          1.61 x     3.08 x     73.35 x
                                        

 

(1) Net income is the equivalent of income from continuing operations, as CEP has no discontinued operations, minus income from equity affiliates that exceeded dividends from affiliates.
(2) Fixed charges equal the sum of the following: interest expensed and capitalized; amortized premiums, discounts, and capitalized expenses related to indebtedness; and a reasonable approximation of the interest within rent expense.
(3) Earnings were inadequate to cover fixed charges in certain periods. The coverage deficiency totaled approximately $277.0 million for the fiscal year ended December 31, 2010 and $8.7 million for the fiscal year ended December 31, 2009.