Exhibit 12.1
Intrepid Potash, Inc.
Computation of Ratio of (Loss) Earnings to Fixed Charges
(In Thousands, Except Ratios)
|
| Intrepid Potash, Inc. |
| |||||||||||||
|
| Year Ended December 31, |
| |||||||||||||
|
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) Income from continuing operations before income taxes |
| $ | (374,803 | ) | $ | 10,811 |
| $ | 38,093 |
| $ | 136,927 |
| $ | 175,261 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Additions: |
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges |
| 9,050 |
| 9,471 |
| 9,757 |
| 2,244 |
| 2,435 |
| |||||
Amortization of capitalized interest |
| 131 |
| 153 |
| 101 |
| — |
| — |
| |||||
|
| 9,181 |
| 9,624 |
| 9,858 |
| 2,244 |
| 2,435 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Subtractions: |
|
|
|
|
|
|
|
|
|
|
| |||||
Capitalized interest |
| (293 | ) | (456 | ) | (3,375 | ) | — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) Earnings as adjusted |
| $ | (365,915 | ) | $ | 19,979 |
| $ | 44,576 |
| $ | 139,171 |
| $ | 177,696 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expensed on indebtedness |
| $ | 5,968 |
| $ | 6,320 |
| $ | 4,539 |
| $ | 510 |
| $ | 412 |
|
Capitalized interest |
| 293 |
| 456 |
| 3,375 |
| — |
| — |
| |||||
Amortization of debt expense |
| 383 |
| 368 |
| 367 |
| 342 |
| 401 |
| |||||
Interest within rent expense |
| 2,406 |
| 2,327 |
| 1,476 |
| 1,392 |
| 1,622 |
| |||||
Total fixed charges |
| $ | 9,050 |
| $ | 9,471 |
| $ | 9,757 |
| $ | 2,244 |
| $ | 2,435 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges |
| (40.4 | ) | 2.1 |
| 4.6 |
| 62.0 |
| 73.0 |
| |||||
The dollar amount required to bring our ratio of earnings to fixed charges for the year ended Decmeber 31, 2015 to one-to-one is $374,965,000.
