Exhibit 12.1
Range Resources Corporation
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
(in thousands except ratios)
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
(in thousands except ratios)
Three months ended | ||||||||||||||||||||||||
March 31 | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 51,435 | $ | 542,594 | $ | 265,737 | $ | 315,701 | $ | 175,985 | $ | 68,310 | ||||||||||||
Share of distributed income of equity method investments (net of equity method income or loss) | 919 | 419 | (974 | ) | (548 | ) | — | — | ||||||||||||||||
Fixed charges | 27,362 | 102,784 | 79,519 | 57,466 | 38,312 | 31,160 | ||||||||||||||||||
Total earnings | $ | 79,716 | $ | 645,797 | $ | 344,282 | $ | 372,619 | $ | 214,297 | $ | 99,470 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense(1) | $ | 26,629 | $ | 99,748 | $ | 77,737 | $ | 55,849 | $ | 37,619 | $ | 22,437 | ||||||||||||
Interest portion of rental expense | 733 | 3,036 | 1,782 | 1,617 | 693 | 528 | ||||||||||||||||||
Preferred dividends(2)(3) | — | — | — | — | — | 8,195 | ||||||||||||||||||
Total fixed charges | $ | 27,362 | $ | 102,784 | $ | 79,519 | $ | 57,466 | $ | 38,312 | $ | 31,160 | ||||||||||||
Ratio of earnings to fixed charges | 2.9 | 6.3 | 4.3 | 6.5 | 5.6 | 4.0 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends(2) | 2.9 | 6.3 | 4.3 | 6.5 | 5.6 | 3.2 |
(1) | Amortization of debt issuance costs is included in interest expense | |
(2) | Calculated as the dollar amount of the dividend divided by one minus the effective income tax rate of 37% | |
(3) | This line and its impact on total fixed charges and total earnings is only applicable to the ratio of earnings to combined fixed charges and Preferred Stock Dividends |