Exhibit 12.1
Quicksilver Resources Inc.
Statement Re: Computation of Ratios
(dollars in thousands)
Statement Re: Computation of Ratios
(dollars in thousands)
Three | ||||||||||||||||||||||||
Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
March 31, | Year Ended December 31, | |||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before taxes | $ | 66,596 | $ | 736,941 | $ | 131,960 | $ | 127,974 | $ | 45,446 | $ | 28,502 | ||||||||||||
Income of equity investees | (6,219 | ) | (661 | ) | (526 | ) | (914 | ) | (1,178 | ) | (1,331 | ) | ||||||||||||
Cash distributions from equity investees | 9,660 | 10,272 | 2,534 | 1,475 | 1,564 | 2,251 | ||||||||||||||||||
Fixed charges | 14,137 | 73,835 | 46,828 | 23,450 | 16,149 | 20,655 | ||||||||||||||||||
Earnings | $ | 84,174 | $ | 820,387 | $ | 180,796 | $ | 151,985 | $ | 61,981 | $ | 50,077 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense, including amortization of debt issue costs | $ | 11,832 | $ | 70,527 | $ | 44,061 | $ | 21,740 | $ | 15,662 | $ | 20,182 | ||||||||||||
Interest capitalized | 1,719 | 1,091 | 1,882 | 1,132 | — | — | ||||||||||||||||||
Estimated interest factor of rental expense | 586 | 2,217 | 885 | 578 | 487 | 473 | ||||||||||||||||||
Fixed Charges | $ | 14,137 | $ | 73,835 | $ | 46,828 | $ | 23,450 | $ | 16,149 | $ | 20,655 | ||||||||||||
Ratio of Earnings to Fixed Charges(1) | 6.0x | 11.1x | 3.9x | 6.5x | 3.8x | 2.4x |
(1) | For purposes of calculating the ratio of earnings to fixed charges, “earnings” represents income from continuing operations before income taxes minus income from equity investees plus distributed earnings from equity investees and fixed charges. “Fixed charges” consist of interest expense, including amortization of debt issuance costs, interest capitalized and that portion of rental expense considered to be a reasonable approximation of interest. |