EX-12.1 5 d584703dex121.htm EX-12.1 EX-12.1

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
June 30, 2013		     For the years ended December 31,  
       2012     2011     2010     2009     2008  

Fixed Charges:

             

Interest Expense

    $ 5,980      $ 9,808      $ 9,648      $ 9,952      $ 12,615      $ 9,327   

Capitalized Interest

      2,768        7,036        7,034        7,771        8,679        10,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      8,748        16,844        16,682        17,723        21,294        19,852   

Earnings:

             

Pre-Tax Income

    $ 8,345      $ (130,443 )    $ 8,738      $ 48,756      $ (104,825 )    $ (152,541 ) 

Fixed Charges

      8,748        16,844        16,682        17,723        21,294        19,852   

Less:

             

Capitalized Interest

      (2,768 )      (7,036 )      (7,034 )      (7,771 )      (8,679 )      (10,525 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      14,325        (120,635 )      18,386        58,708        (92,210 )      (143,214 ) 

Ratio (1)

      1.64        —          1.10        3.31        —          —     

Fixed Charges

    $ 8,748      $ 16,844      $ 16,682      $ 17,723      $ 21,294      $ 19,852   

Preferred Dividends

      2,567        5,139        5,139        5,139        5,140        5,140   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      11,315        21,983        21,821        22,862        26,434        24,992   

Earnings

    $ 14,325      $ (120,635 )    $ 18,386      $ 58,708      $ (92,210 )    $ (143,214 ) 

Ratio (2)

      1.27        —          0.84        2.57        —          —     

 

(1) For the years ended December 31, 2012, December 31, 2009 and December 31, 2008, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $137.1 million, $156.1 million and $266.2 million, respectively. As a result, during 2012, 2009 and 2008, earnings were insufficient to cover fixed charges by $137.5 million, $113.5 million and $163.1 million, respectively, and therefore no ratio is shown.
(2) For the years ended December 31, 2012, December 31, 2009 and December 31, 2008, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $137.1 million, $156.1 million and $266.2 million, respectively. As a result, during 2012, 2009 and 2008, earnings were insufficient to cover fixed charges plus preferred stock dividends by $142.6 million, $118.6 million and $168.2 million, respectively, and therefore no ratio is shown.