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 | ||||||||||||||||||
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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 | ) | ||||||||||||
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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 | ||||||||||||||||||
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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. |
