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Emerge Energy Services LP
Ratio of Earnings to Fixed Charges
($ in thousands)
| | Year Ended December 31, | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended March 31, 2014 | |||||||||||||||
| 2013 | 2012 | 2011 | 2010 | ||||||||||||
Earnings(1): | ||||||||||||||||
Income before income taxes | $ | 18,575 | $ | 35,556 | $ | 17,276 | $ | (584 | ) | $ | (16,746 | ) | ||||
Add: | ||||||||||||||||
Fixed charges before capitalized interest | 2,332 | 12,836 | 11,363 | 3,502 | 4,974 | |||||||||||
Amortization of capitalized interest | 81 | 323 | 247 | 252 | 248 | |||||||||||
Total adjusted earnings | $ | 20,988 | $ | 48,715 | $ | 28,886 | $ | 3,170 | $ | (11,524 | ) | |||||
Fixed charges(1): | ||||||||||||||||
Interest expensed | $ | 1,584 | $ | 10,833 | $ | 11,055 | $ | 3,371 | $ | 4,871 | ||||||
Interest capitalized | — | — | 1,034 | 224 | — | |||||||||||
Estimate of interest in rental expense | 748 | 2,003 | 308 | 131 | 103 | |||||||||||
Total fixed charges | $ | 2,332 | $ | 12,836 | $ | 12,397 | $ | 3,726 | $ | 4,974 | ||||||
Ratio of Earnings to Fixed Charges | 9.0 | 3.8 | 2.3 | — | — | (2) |
- (1)
- For purposes of this presentation, earnings represent income before income taxes adjusted for fixed charges and capitalized interest. Fixed charges consist of interest expensed and capitalized and an estimate of interest in rental expense.
- (2)
- The ratio of earnings to fixed charges was less than 1:1 for the years ended December 31, 2011 and 2010. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $0.9 million and $17.0 million of earnings for the years ended December 31, 2011 and 2010, respectively.
Emerge Energy Services LP Ratio of Earnings to Fixed Charges ($ in thousands)