EX-12 2 unt-20141231x10kxexx12.htm COMPUTATION RATIO OF EARNINGS TO FIXED CHARGES UNT-2014.12.31-10K-EX-12


Exhibit 12
Unit Corporation
Computation Ratio of Earnings to Fixed Charges

 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(Dollars in thousands)
 
Income from continuing operations before income taxes
$
222,939

 
$
301,469

 
$
39,402

 
$
319,002

 
$
237,221

 
(Income) loss from equity investments
133

 
238

 
205

 
295

 
(69
)
 
Distribution from equity investments
303

 
144

 
—

 
—

 
682

 
Interest expense
16,904

 
14,578

 
13,878

 
4,167

 
—

 
Amortization of capitalized interest
5,454

(3) 
3,080

 
4,922

(3) 
1,654

 
1,145

 
Amortization of bond discount
467

 
437

 
259

 
—

 
—

 
Earnings
$
246,200

 
$
319,946

 
$
58,666

 
$
325,118

 
$
238,979

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (1)
 
 
 
 
 
 
 
 
 
 
Interest expense
$
16,904

 
$
14,578

 
$
13,878

 
$
4,167

 
$
—

 
Capitalized interest
32,246

 
33,670

 
18,867

 
11,478

 
4,526

 
Amortization of bond discount
467

 
437

 
259

 
—

 
—

 
Total fixed charges
$
49,617

 
$
48,685

 
$
33,004

 
$
15,645

 
$
4,526

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
5.0

x
6.6

x
1.8

x
20.8

x
52.8

x
_________________________
(1)
Fixed charges are determined as defined in instructions for Item 503 of Regulation S-K of the Securities Act.
(2)
There were no shares of preferred stock outstanding during any of the time periods indicated in the table.
(3)
Amortization of capitalized interest includes the proportionate amount related to the ceiling test write-down.