EX-12.1 4 h76911exv12w1.htm EX-12.1 exv12w1
         
Exhibit 12.1
Ratio of Earnings to Fixed Charges and
Earnings To Fixed Charges Plus Preferred Stock Dividends
(Dollar Amounts in Thousands)
                                                 
    For the six        
    months ended     For the years ended December 31,  
    June 30, 2010     2009     2008     2007     2006     2005  
           
Fixed Charges:
                                                
Interest Expense (1)
   $ 4,189     $ 12,615     $ 9,327     $ 13,393     $ 14,513     $ 9,796  
Capitalized Interest
     4,723       8,679       10,525       6,539       4,650       2,912  
           
Total
     8,912       21,294       19,852       19,932       19,163       12,708  
 
Earnings:
                                                
Pre-Tax Income
   $ 36,152     $ (104,825 )   $ (152,541 )   $ 64,283     $ 38,590     $ 33,894  
Fixed Charges
     8,912       21,294       19,852       19,932       19,163       12,708  
Less:
                                                
Capitalized Interest
     (4,723 )     (8,679 )     (10,525 )     (6,539 )     (4,650 )     (2,912 )
           
Total
     40,341       (92,210 )     (143,214 )     77,676       53,103       43,690  
 
Ratio (2)
     4.53       —       —       3.90       2.77       3.44  
 
 
Fixed Charges
   $ 8,912     $ 21,294     $ 19,852     $ 19,932     $ 19,163     $ 12,708  
Preferred Dividends
     2,567       5,140       5,140       2,174       —       —  
           
Total
     11,479       26,434       24,992       22,106       19,163       12,708  
Earnings
   $ 40,341     $ (92,210 )   $ (143,214 )   $ 77,676     $ 53,103     $ 43,690  
 
Ratio (3)
     3.51       —       —       3.51       2.77       3.44  
 
 
(1)   2005 interest expense excludes $2.6 million of deferred financing costs that were written off in connection with terminated credit facilities.
 
(2)   For the years ended December 31, 2009 and December 31, 2008, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $156.1 million and $266.2 million, respectively. As a result, during 2009 and 2008, earnings were insufficient to cover fixed charges by $113.5 million and $163.1 million, respectively, and therefore no ratio is shown.
 
(3)   For the years ended December 31, 2009 and December 31, 2008, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $156.1 million and $266.2 million, respectively. As a result, during 2009 and 2008, earnings were insufficient to cover fixed charges plus preferred stock dividends by $118.6 million and $168.2 million, respectively, and therefore no ratio is shown.