Exhibit 12.1
EXCO Resources, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands except ratios)
Year ended December 31, | Six Months Ended June 30, 2010 | ||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||||||
EARNINGS | |||||||||||||||||||||||
Income (loss) from continuing operations before provision (benefit) for income taxes | $ | (176,933 | ) | $ | 228,355 | $ | 109,752 | $ | (1,988,504 | ) | $ | (506,305 | ) | $ | 684,333 | ||||||||
Equity method (income) loss | (837 | ) | (1,593 | ) | — | — | 69 | (5,379 | ) | ||||||||||||||
Fixed charges | 46,971 | 86,557 | 182,239 | 167,943 | 155,234 | 32,411 | |||||||||||||||||
Capitalized interest | — | — | — | (3,861 | ) | (5,840 | ) | (6,114 | ) | ||||||||||||||
Total earnings (loss) | $ | (130,799 | ) | $ | 313,319 | $ | 291,991 | $ | (1,824,422 | ) | $ | (356,842 | ) | $ | 705,251 | ||||||||
FIXED CHARGES | |||||||||||||||||||||||
Interest expense (1) | $ | 46,089 | $ | 84,871 | $ | 181,350 | $ | 161,638 | $ | 147,161 | $ | 25,110 | |||||||||||
Capitalized interest | — | — | — | 3,861 | 5,840 | 6,114 | |||||||||||||||||
Interest portion of rental expense | 882 | 1,686 | 889 | 2,444 | 2,233 | 1,187 | |||||||||||||||||
Total fixed charges | $ | 46,971 | $ | 86,557 | $ | 182,239 | $ | 167,943 | $ | 155,234 | $ | 32,411 | |||||||||||
Ratio of earnings to fixed charges | — | 3.6 | 1.6 | — | — | 21.8 |
Computation of Ratio of Earnings to Fixed Charges
Pro Forma
(in thousands except ratios)
Year ended December 31, 2009 | Six Months Ended June 30, 2010 | |||||||
EARNINGS | ||||||||
Income (loss) from continuing operations before provision (benefit) for income taxes | (506,305 | ) | 684,333 | |||||
Incremental interest giving effect to this offering (1) | (27,550 | ) | (13,863 | ) | ||||
Adjusted income (loss) from continuing operations before provision (benefit) from income taxes | (533,855 | ) | 670,470 | |||||
Equity method (income) loss | 69 | (5,379 | ) | |||||
Fixed charges | 182,784 | 46,274 | ||||||
Capitalized interest | (5,840 | ) | (6,114 | ) | ||||
Total earnings (loss) | $ | (356,842 | ) | $ | 705,251 | |||
FIXED CHARGES | ||||||||
Interest expense (1) | $ | 147,161 | $ | 25,110 | ||||
Capitalized interest | 5,840 | 6,114 | ||||||
Incremental interest giving effect to this offering (1) | 27,550 | 13,863 | ||||||
Interest portion of rental expense | 2,233 | 1,187 | ||||||
Total fixed charges | $ | 182,784 | $ | 46,274 | ||||
Ratio of earnings to fixed charges | — | 15.2 |
(1) | Amortization of debt issuance costs is included in interest expense. |