Exhibit 12.1
Quicksilver Resources Inc.
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
| Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||
| March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | (56,182 | ) | $ | 176,168 | $ | (2,648,176 | ) | $ | 147,909 | $ | 713,828 | $ | (836,856 | ) | |||||||||
| Income of equity investees | — | — | — | 8,439 | (22,323 | ) | (75,444 | ) | ||||||||||||||||
| Cash distributions from equity investees | — | — | — | 19,830 | 20,906 | 11,100 | ||||||||||||||||||
| Fixed charges | 42,302 | 193,500 | 183,761 | 190,812 | 193,575 | 175,465 | ||||||||||||||||||
| Deduct: | ||||||||||||||||||||||||
| Interest capitalized | (1,309 | ) | (7,703 | ) | (18,423 | ) | (7,416 | ) | (4,750 | ) | (6,127 | ) | ||||||||||||
| Noncontrolling interest | — | — | — | — | (9,724 | ) | (12,234 | ) | ||||||||||||||||
| Earnings for computation | $ | (15,189 | ) | $ | 361,965 | $ | (2,482,838 | ) | $ | 359,574 | $ | 891,512 | $ | (744,096 | ) | |||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Gross interest expense | $ | 39,375 | $ | 165,381 | $ | 172,502 | $ | 172,696 | $ | 174,906 | $ | 155,696 | ||||||||||||
| Amortization of debt issuance/discount | 2,665 | 26,920 | 9,854 | 16,510 | 17,226 | 18,410 | ||||||||||||||||||
| Portion of rents representative of interest | 262 | 1,199 | 1,405 | 1,606 | 1,443 | 1,359 | ||||||||||||||||||
| Total fixed charges | $ | 42,302 | $ | 193,500 | $ | 183,761 | $ | 190,812 | $ | 193,575 | $ | 175,465 | ||||||||||||
| Ratio of earnings to fixed charges | — | 1.9 | — | 1.9 | 4.6 | — | ||||||||||||||||||
| Earnings insufficient to cover fixed charges | $ | (57,491 | ) | N/A | $ | (2,666,599 | ) | N/A | N/A | $ | (919,561 | ) | ||||||||||||