SM Energy (SM) 10-Q2017 Q1 Quarterly report

Filed: 4 May 17, 12:00am

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EXHIBIT 12.1

SM ENERGY COMPANY AND SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES



	For the Three Months Ended March 31,			For the Years Ended December 31,
	2017			2016			2015			2014			2013			2012
	(in thousands, except ratios)
Income (loss) before income taxes	$	118,940		$	(1,201,916	)	$	(722,861	)	$	1,064,699		$	278,611		$	(83,517	)
Add: Fixed charges	49,615			167,600			155,510			117,147			102,758			77,841
Add: Amortization of capitalized interest	3,209			13,905			9,116			11,448			11,784			9,095
Less: Capitalized interest	(2,189		)	(17,004		)	(25,051		)	(16,165		)	(10,952		)	(12,135		)
Earnings before fixed charges	$	169,575		$	(1,037,415	)	$	(583,286	)	$	1,177,129		$	382,201		$	(8,716	)

Fixed charges:
Interest expense ⁽¹⁾	$	46,953		$	148,685		$	128,149		$	98,554		$	89,711		$	63,720
Capitalized interest	2,189			17,004			25,051			16,165			10,952			12,135
Interest expense component of rent ⁽²⁾	473			1,911			2,310			2,428			2,095			1,986
Total fixed charges	$	49,615		$	167,600		$	155,510		$	117,147		$	102,758		$	77,841

Ratio of earnings to fixed charges	3.4			—			—			10.0			3.7			—
Insufficient coverage	$	—		$	1,205,015		$	738,796		$	—		$	—		$	86,557

____________________________________________


⁽¹⁾	Includes amortization of deferred financing costs and discount. Interest expense for the year ended December 31, 2016, excludes the $10.0 million paid to terminate a second lien facility that was no longer necessary to fund acquisition activity.


⁽²⁾	Represents a reasonable approximation of the portion of rental expense assumed to be attributable to the interest factor.