Exhibit 12.1
Range Resources Corporation
Computation of Ratio of Earnings to Fixed Charges
(in thousands except ratios)
Six Months | ||||||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||||||
Income before provision for incomes taxes | $ | 23,575 | $ | 49,413 | $ | 22,408 | $ | 17,257 | $ | 35,004 | $ | (22,772 | ) | $ | (229,618 | ) | ||||||||||||
Add: Fixed charges | 9,039 | 22,693 | 23,715 | 32,732 | 40,475 | 47,436 | 40,840 | |||||||||||||||||||||
Total earnings | $ | 32,614 | $ | 72,106 | $ | 46,123 | $ | 49,989 | $ | 75,479 | $ | 24,664 | $ | (188,778 | ) | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||||||
Interest expense | $ | 8,567 | $ | 22,165 | $ | 23,153 | $ | 32,179 | $ | 39,953 | $ | 47,085 | $ | 40,642 | ||||||||||||||
Amortization of debt issuance costs (1) | ||||||||||||||||||||||||||||
Interest portion of rental expense | 472 | 528 | 562 | 553 | 522 | 351 | 198 | |||||||||||||||||||||
Total fixed charges | $ | 9,039 | $ | 22,693 | $ | 23,715 | $ | 32,732 | $ | 40,475 | $ | 47,436 | $ | 40,840 | ||||||||||||||
Ratio of earnings to fixed charges | 3.6 | 3.2 | 1.9 | 1.5 | 1.9 | 0.5 | (4.6 | ) |
(1) | Amortization of debt issuance costs is included in interest expense. |
For the year ended December 31, 1999 and 1998, earnings were inadequate to cover fixed charges by $22.8 million and $229.6 million, respectively.