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CLOUD PEAK ENERGY INC. AND SUBSIDIARIES
COMPUTATION OF HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES(1)
(In Thousands, Except Ratio Data)
| Six Months Ended June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and earnings from unconsolidated affiliates | $ | 65,568 | $ | 145,990 | $ | 249,340 | $ | 109,140 | $ | 69,377 | $ | 53,689 | ||||||||
Amortization of capitalized interest | 684 | 1,369 | 1,363 | 1,342 | 1,245 | 934 | ||||||||||||||
Distributions of income from equity investments | 2,000 | 35 | 4,000 | 4,750 | — | — | ||||||||||||||
Capitalized interest | (16,886 | ) | (24,492 | ) | (15,484 | ) | (6,558 | ) | (1,802 | ) | (5,013 | ) | ||||||||
Fixed charges | 37,684 | 71,816 | 22,038 | 27,366 | 43,325 | 44,152 | ||||||||||||||
Adjusted income from continuing operations before income tax provision | $ | 89,050 | $ | 194,717 | $ | 261,257 | $ | 136,040 | $ | 112,145 | $ | 93,762 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 20,672 | $ | 46,938 | $ | 5,992 | $ | 20,376 | $ | 40,930 | $ | 38,785 | ||||||||
Capitalized interest | 16,886 | 24,492 | 15,484 | 6,558 | 1,802 | 5,013 | ||||||||||||||
Interest within rental expense | 126 | 386 | 562 | 432 | 593 | 354 | ||||||||||||||
Total fixed charges | $ | 37,684 | $ | 71,816 | $ | 22,038 | $ | 27,366 | $ | 43,325 | $ | 44,152 | ||||||||
Ratio of earnings to fixed charges | 2.4x | 2.7x | 11.9x | 5.0x | 2.6x | 2.1x |
CLOUD PEAK ENERGY RESOURCES LLC AND SUBSIDIARIES
| Six Months Ended June 30, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes and earnings from unconsolidated affiliates | $ | 108,301 | $ | 165,728 | $ | 249,340 | $ | 109,140 | $ | 69,377 | $ | 53,689 | ||||||||
Amortization of capitalized interest | 684 | 1,369 | 1,363 | 1,342 | 1,245 | 934 | ||||||||||||||
Distributions of income from equity investments | 2,000 | 35 | 4,000 | 4,750 | — | — | ||||||||||||||
Capitalized interest | (16,886 | ) | (24,492 | ) | (15,484 | ) | (6,558 | ) | (1,802 | ) | (5,013 | ) | ||||||||
Fixed charges | 37,684 | 71,816 | 22,038 | 27,366 | 43,325 | 44,152 | ||||||||||||||
Adjusted income from continuing operations before income tax provision | $ | 131,783 | $ | 214,455 | $ | 261,257 | $ | 136,040 | $ | 112,145 | $ | 93,762 | ||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 20,672 | $ | 46,938 | $ | 5,992 | $ | 20,376 | $ | 40,930 | $ | 38,785 | ||||||||
Capitalized interest | 16,886 | 24,492 | 15,484 | 6,558 | 1,802 | 5,013 | ||||||||||||||
Interest within rental expense | 126 | 386 | 562 | 432 | 593 | 354 | ||||||||||||||
Total fixed charges | $ | 37,684 | $ | 71,816 | $ | 22,038 | $ | 27,366 | $ | 43,325 | $ | 44,152 | ||||||||
Ratio of earnings to fixed charges | 3.5x | 3.0x | 11.9x | 5.0x | 2.6x | 2.1x |
- (1)
- For purposes of calculating the ratio of earnings to fixed charges, earnings were calculated by adding (i) earnings from continuing operations before income taxes and earnings from unconsolidated affiliates, (ii) net interest expense, including the portion of rents representative of an interest factor, (iii) amortization of debt issue costs and capitalized interest, (iv) distributions from equity investments and (v) capitalized interest. Fixed charges consist of net interest expense, amortization of debt issue costs and capitalized interest, and the portions of rents representative of an interest factor.