SilverBow Resources (SBOW) 10-K 2013 FY Annual report

					Exhibit 12
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (in thousands)
	2009		2010		2011		2012		2013
GROSS G&A	69,987		73,268		87,826		89,344		89,197
NET G&A	34,046		36,359		45,362		46,778		45,802
INTEREST EXPENSE, NET	30,663		33,437		35,566		57,303		69,382
RENTAL & LEASE EXPENSE	3,973		5,181		5,642		5,636		6,046
INCOME FROM CONTINUING OPERATIONS, BEFORE INCOME
TAXES AND CHANGE IN ACCOUNTING PRINCIPLE	(64,617)		74,308		135,104		36,578		(25,805)
CAPITALIZED INTEREST	6,107		7,408		7,667		7,890		7,223
CALCULATED DATA
EXPENSED OR NON-CAPITAL G&A (%)	48.65	%	49.62	%	51.65	%	52.36	%	51.35	%
NON-CAPITAL RENT EXPENSE	1,933		2,571		2,914		2,951		3,105
1/3 NON-CAPITAL RENT EXPENSE	644		857		971		984		1,035
FIXED CHARGES	37,414		41,702		44,204		66,177		77,640
EARNINGS	(33,310)		108,602		171,641		94,865		44,612
RATIO OF EARNINGS TO FIXED CHARGES	---		2.60		3.88		1.43		0.57
Amount needed for a "break-even" ratio earnings	70,724
For purposes of calculating the ratio of earnings to fixed charges, fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and discounts, and that portion of non-capitalized rental expense deemed to be the equivalent of interest. Earnings represents income before income taxes and cumulative effect of change in accounting principle before interest expense, net, and that portion of rental expense deemed to be the equivalent of interest. Due to the $79.3 million non-cash charge incurred in the first quarter of 2009 caused by a write-down in the carrying value of oil and gas properties, 2009 earnings were insufficient by $70.7 million to cover fixed charges.