EX-12 4 swiftforms3ex12.txt EXHIBIT 12 EXHIBIT 12 SWIFT ENERGY COMPANY RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended Years Ended December 31, March 31, -------------------------- ---------- 2000 1999 1998 1997 1996 2001 2000 ---- ---- ---- ---- ---- ---- ---- Gross G&A 23,793,995 20,518,843 21,010,960 20,098,383 18,215,744 6,331,835 5,740,837 Net G&A 5,585,487 4,497,400 3,853,812 3,523,604 4,149,964 1,884,231 1,147,788 Interest Expense 15,968,405 14,442,815 8,752,195 5,032,952 693,959 2,649,748 4,065,887 Rent Expense 1,255,474 1,272,497 1,117,351 1,039,210 957,797 262,328 299,969 Net Income Before Taxes 93,079,346 29,736,151 (73,391,581) 33,129,606 28,785,783 35,513,130 14,919,044 Capitalized Interest 5,043,206 4,142,098 3,849,665 2,326,691 1,549,575 1,542,846 1,181,365 Depleted Capitalized Interest 307,249 323,124 292,267 201,169 168,375 73,782 84,780 Calculated Data Unallocated G&A (%) 23.47% 21.92% 18.34% 17.53% 22.78% 29.76% 19.99% Non-Capital Rent Expense 294,714 278,911 204,944 182,192 218,208 78,064 59,974 1/3 Non-Capital Rent Expense 98,238 92,970 68,315 60,731 72,736 26,021 19,991 Fixed Charges 21,109,849 18,677,883 12,670,175 7,420,374 2,316,270 4,218,615 5,267,243 Earnings 109,453,238 44,595,061 (64,278,804) 38,424,458 29,720,853 38,262,681 19,089,702 Ratio of Earnings to Fixed 5.18 2.39 -- 5.18 12.83 9.07 3.62 Charges
Due to the $90.8 million non-cash charge incurred in the year ended December 31, 1998 caused by a write down in the carrying value of natural gas and oil properties, 1998 earnings were insufficient by $76.9 million to cover fixed charges in 1998. If the $90.8 million non-cash charge is excluded, the ratio of earnings to fixed charges would have been 2.1x.