Exhibit 12.1
Stone Energy Corporation
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)
| Year Ended December 31, | Nine Months September 30, | |||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss) before income taxes | $ | 152,711 | $ | 303,466 | $ | 234,023 | $ | 186,359 | ($ | 291,561 | ) | ($ | 1,053,019 | ) | ||||||||||
Plus fixed charges | 42,975 | 51,322 | 68,031 | 79,697 | 84,577 | 63,600 | ||||||||||||||||||
Less capitalized interest | (30,783 | ) | (42,033 | ) | (37,656 | ) | (46,860 | ) | (45,722 | ) | (31,891 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings | 164,903 | 312,755 | 264,398 | 219,196 | (252,706 | ) | (1,021,310 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed (a) | 12,192 | 9,289 | 30,375 | 32,837 | 38,855 | 31,709 | ||||||||||||||||||
Interest capitalized | 30,783 | 42,033 | 37,656 | 46,860 | 45,722 | 31,891 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 42,975 | 51,322 | 68,031 | 79,697 | 84,577 | 63,600 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 3.8x | 6.1x | 3.9x | 2.8x | (b | ) | (c | ) | ||||||||||||||||
| (a) | Includes amortization of discounts, premiums and issue costs related to indebtedness. |
| (b) | Due to losses incurred in this period, earnings were $337,283 short of covering fixed charges. |
| (c) | Due to losses incurred in this period, earnings were $1,084,910 short of covering fixed charges. |
