EX-12 5 a86200orexv12.txt EXHIBIT 12 EXHIBIT 12 Coeur d' Alene Mines Corporation Calculation of Ratio of Earnings to Fixed Charges
Year Ended Nine Months Ended December 31, September 30, ----------------------------------------------------------------- ------------------------ Fixed Charges 1997 1998 1999 2000 2001 2001 2002 ------------ ------------ ----------- ----------- ----------- ----------- ----------- Interest expense 10,437,518 12,789,085 15,421,462 15,910,823 13,436,923 10,093,958 16,249,966 Capitalized interest 5,720,290 6,608,711 1,281,342 0 0 0 0 Amortization of public offering costs 785,820 1,324,335 1,154,902 1,099,928 1,156,666 755,375 1,264,244 Amortization of capital lease costs 1,608,614 1,288,382 89,981 82,452 79,563 51,650 4,441 Marcs Dividend 10,532,000 10,532,000 10,532,000 2,180,000 0 0 0 Portion of rent expense representative of interest 368,409 385,631 354,156 388,144 289,300 214,388 260,933 ------------ ------------ ----------- ----------- ----------- ----------- ----------- TOTAL FIXED CHARGES 29,452,651 32,928,144 28,833,842 19,661,347 14,962,452 11,115,371 17,779,584 ============ ============ =========== =========== =========== =========== =========== Earnings Net income (loss) from continuing operations before income taxes (14,325,000) (233,335,000) (27,991,000) (47,465,000) (3,073,000) 15,215,000 (35,091,000) Fixed charges per above 29,452,651 32,928,144 28,833,842 19,661,347 14,962,452 11,115,371 17,779,584 Less interest capitalized (5,720,290) (6,608,711) (1,281,342) 0 0 0 0 Current period amortization of capitalized interest 1,970,946 12,992,346 0 0 0 ------------ ------------ ----------- ----------- ----------- ----------- ----------- 11,378,307 (194,023,222) (438,500) (27,803,653) 11,889,452 26,330,371 (17,311,416) ------------ ------------ ----------- ----------- ----------- ----------- ----------- Earnings insufficient to cover fixed charges (18,074,344) (226,951,365) (29,272,342) (47,465,000) (3,073,000) 15,215,000 (35,091,000) ============ ============ =========== =========== =========== =========== =========== Ratio of earnings to fixed charges 0.39 (5.89) (0.02) (1.41) 0.79 2.37 (0.97) ============ ============ =========== =========== =========== =========== ===========
* Coverage ratio of less than 1.0 Page 1