EX-12 2 cde-123114x10kex12.htm EXHIBIT 12 CDE-12.31.14-10K 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,
 
2014
 
2013
 
2012
 
2011
 
2010
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
45,807

 
$
39,152

 
$
26,060

 
$
32,724

 
$
27,107

Capitalized interest
1,709

 
2,694

 
2,663

 
2,175

 
9,885

Amortization of public offering costs
1,740

 
2,143

 
1,146

 
2,050

 
3,835

Portion of rent expense representative of interest
3,303

 
4,864

 
3,986

 
4,028

 
3,343

Total fixed charges
$
52,559

 
$
48,853

 
$
33,855

 
$
40,977

 
$
44,170

 
 
 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations before income taxes
$
(1,615,128
)
 
$
(808,679
)
 
$
119,484

 
$
208,245

 
$
(91,125
)
Fixed charges above
52,559

 
48,853

 
33,855

 
40,977

 
44,170

Less interest capitalized
(1,709
)
 
(2,694
)
 
(2,663
)
 
(2,175
)
 
(9,885
)
Current period amortization of capitalized interest
4,895

 
6,899

 
5,725

 
6,427

 
3,294

Total earnings available for fixed charges
(1,559,383
)
 
(755,621
)
 
156,401

 
253,474

 
(53,546
)
 
 
 
 
 
 
 
 
 
 
Earnings sufficient (insufficient) to cover fixed charges
$
(1,611,942
)
 
$
(804,474
)
 
$
122,546

 
$
212,497

 
$
(97,716
)
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
N/A

 
N/A

 
4.62x

 
6.18x

 
N/A


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