1
EXHIBIT 12
MESA INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
The following computation of the ratio of earnings to fixed charges for the
years ended December 31, 1991, 1992, 1993, 1994 and 1995 and each of the
three-month periods ended March 31, 1995 and 1996 represent the actual results
of Mesa's operations for those periods.
The columns entitled "As Adjusted for the Recapitalization" include data
for Mesa after giving effect to the Recapitalization as if such Recapitalization
had occurred on January 1, 1995.
THREE MONTHS
YEARS ENDED DECEMBER 31, ENDED MARCH 31,
------------------------------------------------------------------------ ------------------------------------
1995 1995 1996
--------------------------- ------- --------------------------
AS ADJUSTED AS ADJUSTED
FOR THE FOR THE
1991 1992 1993 1994 ACTUAL RECAPITALIZATION ACTUAL RECAPITALIZATION
-------- -------- --------- -------- -------- ---------------- ------- ----------------
EARNINGS:
Net income
(loss)...... $(79,163) $(89,232) $(102,448) $(83,353) $(57,568) $ (3,166) $(7,894) $ 1,057 $ 9,596
Adjustments:
Interest
expense... 150,770 143,392 142,002 144,757 148,630 83,745 36,663 37,749 21,549
-------- -------- -------- --------- -------- -------- ------- ------- -------
Total
earnings.... $ 71,607 $ 54,160 $ 39,554 $ 61,404 $ 91,062 $ 80,579 $28,769 $38,806 $ 31,145
======== ======== ======== ========= ======== ======== ======= ======= =======
Fixed charges
Interest
capitalized... $ -- $ 2,365 $ 2,884 $ 104 $ 908 $ 908 $ -- $ 68 $ 68
Interest
expense... 150,770 143,392 142,002 144,757 148,630 83,745 36,663 37,749 21,549
-------- -------- -------- --------- -------- -------- ------- ------- -------
Total fixed
charges..... $150,770 $145,757 $ 144,886 $144,861 $149,538 $ 84,653 $36,663 $37,817 $ 21,617
======== ======== ======== ========= ======== ======== ======= ======= =======
Ratio of
earnings to
fixed
charges..... NM NM NM NM NM NM NM 1.03 1.44
======== ======== ======== ========= ======== ======== ======= ======= =======
Preferred
dividend
requirements... $ 21,845 $ 5,737
======== =======
Total fixed
charges and
preferred
dividends... $106,498 $ 27,354
======== =======
Ratio of
earnings to
combined
fixed
charges and
preferred
dividends... NM 1.14
======== =======
Amount by
which fixed
charges
exceed
earnings.... $ 79,163 $ 91,597 $ 105,332 $ 83,457 $ 58,476 $ 4,074 $ 7,894 $ -- $ --
======== ======== ======== ========= ======== ======== ======= ======= =======
Amount by
which
combined
fixed
charges and
preferred
dividends
exceed
earnings.... $ 25,919 $ --
======== =======