STONE ENERGY CORP - FORM 8-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 6, 2012

Attached files

file filename
8-K - FORM 8-K - STONE ENERGY CORPd311470d8k.htm
EX-1.1 - PURCHASE AGREEMENT - STONE ENERGY CORPd311470dex11.htm
EX-4.1 - INDENTURE - STONE ENERGY CORPd311470dex41.htm
EX-10.5 - BASE WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex105.htm
EX-10.7 - ADDITIONAL WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex107.htm
EX-10.4 - ADDITIONAL BOND HEDGE CONFIRMATION - STONE ENERGY CORPd311470dex104.htm
EX-10.8 - ADDITIONAL WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex108.htm
EX-10.1 - BASE BOND HEDGE CONFIRMATION - STONE ENERGY CORPd311470dex101.htm
EX-10.3 - ADDITIONAL BOND HEDGE CONFIRMATION - STONE ENERGY CORPd311470dex103.htm
EX-10.6 - BASE WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex106.htm
EX-10.9 - AMENDMENT TO BASE WARRANT CONFIRMATION AND ADDITIONAL WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex109.htm
EX-10.2 - BASE BOND HEDGE CONFIRMATION - STONE ENERGY CORPd311470dex102.htm
EX-10.10 - AMENDMENT TO BASE WARRANT CONFIRMATION AND ADDITIONAL WARRANT CONFIRMATION - STONE ENERGY CORPd311470dex1010.htm

Exhibit 12.1

Stone Energy Corporation

Computation of Ratio of Earnings to Fixed Charges

(Amounts in thousands of dollars)

 

     Year Ended December 31,  
     2011     2010     2009     2008     2007  

Earnings:

           

Net income (loss) before income taxes

    $ 303,466      $ 152,711      ($ 334,830 )    ($ 1,516,155 )    $ 270,420   

Plus fixed charges

      51,322        42,975        46,934        39,643        48,268   

Less capitalized interest

      (42,033 )      (30,783 )      (25,573 )      (26,400 )      (16,200 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

      312,755        164,903        (313,469 )      (1,502,912 )      302,488   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expensed (a)

      9,289        12,192        21,361        13,243        32,068   

Interest capitalized

      42,033        30,783        25,573        26,400        16,200   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      51,322        42,975        46,934        39,643        48,268   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      6.1        3.8        (b )      (c )      6.3   

 

(a) Includes amortization of bond discount.
(b) Due to the March 31, 2009 and December 31, 2009 pre-tax ceiling test write-downs of $343,932 and $165,057, respectively, in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2009 were insufficient to cover fixed charges in the amount of $334,830.
(c) Due to the December 31, 2008 $1,324,327 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2008 were insufficient to cover fixed charges in the amount of $1,516,155.

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