Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Quarter ended September 30, | Years ended December 31, | |||||||||||||||||||||||
| ($MM’s) | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 351 | $ | 1,190 | ($ | 1,150 | ) | $ | 1,051 | $ | 995 | ($ | 52 | ) | ||||||||||
Fixed Charges | 34 | 135 | 126 | 99 | 86 | 79 | ||||||||||||||||||
Amortization of capitalized interest | 5 | 16 | 15 | 12 | 10 | 8 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Interest Capitalized | (14 | ) | (63 | ) | (62 | ) | (46 | ) | (33 | ) | (40 | ) | ||||||||||||
Noncontrolling Interest | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings for computation | $ | 376 | $ | 1,278 | ($ | 1,071 | ) | $ | 1,117 | $ | 1,060 | ($ | 6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Gross Interest Expense | $ | 25 | $ | 100 | $ | 93 | $ | 65 | $ | 57 | $ | 56 | ||||||||||||
Amortization of Debt Issuance/Discount | 1 | 4 | 4 | 3 | 2 | 2 | ||||||||||||||||||
Portion of rents representative of interest | 8 | 31 | 29 | 30 | 28 | 22 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Fixed Charges | $ | 34 | $ | 135 | $ | 126 | $ | 99 | $ | 86 | $ | 79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges | 11 | 9 | 0 | 1 | 11 | 12 | 0 | 1 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| �� |
| |||||||||||||
Earnings insufficient to cover fixed charges | N/A | N/A | (1,197 | ) | N/A | N/A | (85 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| 1 | During the year-ended December 31, 2012 and 2009, the Company recorded a non-cash full cost ceiling impairment of $1,939.7 and $907.8 million, respectively. Excluding the impairment, the ratio of earnings to fixed charges would be 6.89 and 11.42 for the year-ended December 31, 2012 and 2009, respectively. |
