PETROHAWK ENERGY CORP - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS - February 23, 2010

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - PETROHAWK ENERGY CORPFinancial_Report.xls
EX-31.1 - CERTIFICATE OF CHIEF EXECUTIVE OFFICER UNDER SECTION 302 - PETROHAWK ENERGY CORPdex311.htm
EX-32 - CERTIFICATE OF CEO AND CFO SECTION 906 - PETROHAWK ENERGY CORPdex32.htm
EX-31.2 - CERTIFICATE OF CHIEF FINANCIAL OFFICER UNDER SECTION 302 - PETROHAWK ENERGY CORPdex312.htm
EX-99.1 - NETHERLAND, SEWELL & ASSOCIATES, INC. RESERVE REPORT - PETROHAWK ENERGY CORPdex991.htm
EX-23.2 - CONSENT OF NETHERLAND, SEWELL & ASSOCIATES, INC. - PETROHAWK ENERGY CORPdex232.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - PETROHAWK ENERGY CORPdex211.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - PETROHAWK ENERGY CORPdex231.htm
10-K - FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009 - PETROHAWK ENERGY CORPd10k.htm

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends

(In thousands, except ratios)

 

     Years Ended December 31,  
     2009     2008     2007    2006    2005  

Earnings

             

Pre-tax (loss) income

    $ (1,780,419 )    $ (533,005 )    $ 86,035    $ 189,098    $ (25,697 ) 

Fixed charges

      231,910        156,713        133,474      89,086      25,795   
                                      

Total earnings

    $ (1,548,509 )    $ (376,292 )    $ 219,509    $ 278,184    $ 98   
                                      

Fixed charges

             

Interest expense and amortization of finance costs

    $ 230,217      $ 155,361      $ 132,264    $ 88,414    $ 25,551   

Rental expense representative of interest factor

      1,693        1,352        1,210      672      244   
                                      

Total fixed charges

    $ 231,910      $ 156,713      $ 133,474    $ 89,086    $ 25,795   
                                      

Ratio of earnings to fixed charges

      -(1 )      -(2 )      1.6      3.1      -(3 ) 
                                      

Total fixed charges

    $ 231,910      $ 156,713      $ 133,474    $ 89,086    $ 25,795   

Pre-tax preferred dividend requirements

      —          —          —        352      680   
                                      

Total fixed charges plus preference dividends

    $ 231,910      $ 156,713      $ 133,474    $ 89,438    $ 26,475   
                                      

Ratio of earnings to combined fixed charges and preference dividends

      -(1 )      -(2 )      1.6      3.1      -(4 ) 
                                      

 

(1) Due to the Company’s loss in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.8 billion to achieve a coverage ratio of 1:1.
(2) Due to the Company’s loss in 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $533.0 million to achieve a coverage ratio of 1:1.
(3) Due to the Company’s loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $25.7 million to achieve a coverage ratio of 1:1.
(4) Due to the Company’s loss in 2005, the ratio coverage was less than 1:1. The Company must generate additional earnings of $26.4 million to achieve a coverage ratio of 1:1.