EX-12 3 cde-123113x10kex12.htm EXHIBIT CDE-12.31.13-10K Ex 12


Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for the periods indicated (dollars in thousands):

 
Year ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
39,152

 
$
26,060

 
$
32,724

 
$
27,107

 
$
17,113

Capitalized interest
2,694

 
2,663

 
2,175

 
9,885

 
22,825

Amortization of public offering costs
2,143

 
1,146

 
2,050

 
3,835

 
989

Portion of rent expense representative of interest
4,864

 
3,986

 
4,028

 
3,343

 
3,774

Total fixed charges
$
48,853

 
$
33,855

 
$
40,977

 
$
44,170

 
$
44,701

 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations before income taxes
$
(650,563
)
 
$
117,289

 
$
207,836

 
$
(92,665
)
 
$
(76,073
)
Fixed charges above
48,852

 
33,855

 
40,978

 
44,170

 
44,701

Less interest capitalized
(2,694
)
 
(2,663
)
 
(2,175
)
 
(9,885
)
 
(22,825
)
Current period amortization of capitalized interest
6,899

 
5,725

 
6,427

 
3,294

 
1,436

Total earnings available for fixed charges
(597,506
)
 
154,206

 
253,066

 
(55,086
)
 
(52,761
)
 
 
 
 
 
 
 
 
 
 
Earnings sufficient (insufficient) to cover fixed charges
$
(646,359
)
 
$
120,351

 
$
212,089

 
$
(99,256
)
 
$
(97,462
)
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
N/A

 
4.55x

 
6.17x

 
N/A

 
N/A


N/A - represents coverage ratio of less than 1.