EX-12.1 2 a6302013exhibit121.htm EXHIBIT 12.1 6.30.2013 Exhibit 12.1


Exhibit 12.1
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
 
 
 
Six Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
06/30/2013
 
12/31/2012
 
12/31/2011
 
 
12/31/2010
 
12/31/2009
 
12/31/2008
Pre-tax income from continuing operations
 
$
149,381

 
$
259,660

 
$
(370,291
)
 
 
$
136,492

 
$
67,888

 
$
190,193

Interest expense
 
49,566

 
83,136

 
72,807

 
 
66,541

 
50,738

 
26,209

Amortization of capitalized interest
 
1,437

 
2,116

 
1,813

 
 
 
 
 

Capitalized interest
 
3,450

 
17,915

 
29,117

 
 
28,321

 
30,107

 
23,209

Earnings
 
$
200,384

 
$
344,912

 
$
(295,671
)
 
 
$
203,033

 
$
118,626

 
$
216,402

Ratio of earnings to fixed charges
 
3.8
x
 
3.4x

 
—

(1)
 
2.1
x
 
1.5
x
 
4.4
x
 ___________________________
(1)
For the year ended December 31, 2011, earnings were deficient by $397.6 million, which was due primarily to a pre-tax, non-cash charge to earnings of $625.0 million related to the impairment of our E. Texas natural gas properties.

For purposes of this table, “earnings” consists of earnings before income taxes plus interest expense and amortization of capitalized interest.  “Fixed charges” consists of interest expensed and capitalized.