Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended
June 30, 2012 | | 12/31/2011 | | | 12/31/2010 | | 12/31/2009 | | 12/31/2008 | | 12/31/2007 | |
| Pre-tax income from continuing operations | | $ | 185,159 |
| | $ | (370,291 | ) | | | $ | 136,492 |
| | $ | 67,888 |
| | $ | 190,193 |
| | $ | 195,616 |
| |
| Interest expense | | 40,893 |
| | 72,807 |
| | | 66,541 |
| | 50,738 |
| | 26,209 |
| | 17,287 |
| |
| Amortization of capitalized interest | | 925 |
| | 1,813 |
| | | | | | | |
| Capitalized interest | | 9,723 |
| | 29,117 |
| | | 28,321 |
| | 30,107 |
| | 23,209 |
| | 18,104 |
| |
| Earnings | | $ | 226,977 |
| | $ | (295,671 | ) | | | $ | 203,033 |
| | $ | 118,626 |
| | $ | 216,402 |
| | $ | 212,903 |
| |
| Ratio of earnings to fixed charges | | 4.5 | x | | — |
| (1) | | 2.1 | x | | 1.5 | x | | 4.4 | x | | 6.0 | x | |
___________________________
| |
| (1) | For the year ended December 31, 2011, earnings were deficient by $397.6 million, which was due primarily to a pre-tax, non-cash charge to earnings of $625.0 million related to the impairment of our E. Texas natural gas properties. |
For purposes of this table, “earnings” consists of earnings before income taxes plus interest expense and amortization of capitalized interest. “Fixed charges” consists of interest expensed and capitalized.
