Exhibit 12.1
Range Resources Corporation
Calculation of Ratio of Earnings to Fixed Charges
(in thousands except ratios)
The following table sets forth our ratio of earnings to fixed charges for the periods indicated.
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| | Three Months Ended March 31, | | | Years Ended December 31, | |
| | 2013 | | | 2012 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
EARNINGS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before provision (benefit) for incomes taxes | | $ | (122,790 | ) | | $ | (69,643 | ) | | $ | 25,056 | | | $ | 78,263 | | | $ | 139,608 | | | $ | 84,773 | | | $ | 510,273 | |
Share of distributed income of equity method investments (net of equity method income or loss) | | | 2,695 | | | | 2,684 | | | | 13,122 | | | | 24,544 | | | | 1,482 | | | | 13,699 | | | | 419 | |
Fixed charges | | | 43,258 | | | | 38,402 | | | | 173,352 | | | | 145,981 | | | | 137,297 | | | | 123,571 | | | | 104,830 | |
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Total earnings (loss) | | $ | (76,837 | ) | | $ | (28,557 | ) | | $ | 211,530 | | | $ | 248,788 | | | $ | 278,387 | | | $ | 222,043 | | | $ | 615,522 | |
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FIXED CHARGES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense (1) | | $ | 42,210 | | | $ | 37,205 | | | $ | 168,798 | | | $ | 139,843 | | | $ | 131,192 | | | $ | 117,367 | | | | 99,748 | |
Interest portion of rental expense | | | 1,048 | | | | 1,197 | | | | 4,554 | | | | 6,138 | | | | 6,105 | | | | 6,204 | | | | 5,082 | |
Total fixed charges | | $ | 43,258 | | | $ | 38,402 | | | $ | 173,352 | | | $ | 145,981 | | | $ | 137,297 | | | $ | 123,571 | | | $ | 104,830 | |
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Ratio of earnings to fixed charges | | | * | | | | ** | | | | 1.2 | | | | 1.7 | | | | 2.0 | | | | 1.8 | | | | 5.9 | |
(1) | Amortization of debt issuance costs is included in interest expense. |
* | Earnings were inadequate to cover fixed charges for the quarter ended March 31, 2013 by $120,095,000. |
** | Earnings were inadequate to cover fixed charges for the quarter ended March 31, 2012 by $66,959,000. |