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EX-21 - LIST OF SUBSIDIARIES OF SWIFT ENERGY COMPANY - SILVERBOW RESOURCES, INC.a201410k-exhibit21.htm
EX-31.1 - CERTIFICATION OF CEO (SECTION 302) - SILVERBOW RESOURCES, INC.a201410k-exhibit311.htm
EX-23.1 - CONSENT OF H.J. GRUY AND ASSOCIATES, INC - SILVERBOW RESOURCES, INC.a201410k-exhibit231.htm
EX-23.2 - CONSENT OF ERNST AND YOUNG LLP - SILVERBOW RESOURCES, INC.a201410k-exhibit232.htm
EX-10.21 - RETIREMENT AND RELEASE AGREEMENT - SILVERBOW RESOURCES, INC.a201410k-exhibit1021.htm
EXCEL - IDEA: XBRL DOCUMENT - SILVERBOW RESOURCES, INC.Financial_Report.xls
EX-32 - CERTIFICATION OF CEO AND CFO (SECTION 906) - SILVERBOW RESOURCES, INC.a201410k-exhibit32.htm
EX-99.1 - REPORT OF H.J. GRUY AND ASSOCIATES, INC - SILVERBOW RESOURCES, INC.a201410k-exhibit991.htm
10-K - 10-K - SILVERBOW RESOURCES, INC.a2014-10k.htm
EX-31.2 - CERTIFICATION OF CFO (SECTION 302) - SILVERBOW RESOURCES, INC.a201410k-exhibit312.htm


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 12
 
 
 
 
 
 
 
 
 
 
 
 
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
 
 
 
 
 
 
 
 
 
 
GROSS G&A
 
73,932
 
87,789
 
89,663
 
88,818
 
78,480
NET G&A
 
37,023
 
45,325
 
47,097
 
45,423
 
39,629
INTEREST EXPENSE, NET
 
33,437
 
35,566
 
57,303
 
69,382
 
73,207
RENTAL & LEASE EXPENSE
 
5,181
 
5,642
 
5,636
 
6,046
 
4,679
INCOME FROM CONTINUING OPERATIONS, BEFORE INCOME
 
 
 
 
 
 
 
 
 
 
TAXES AND CHANGE IN ACCOUNTING PRINCIPLE
 
72,225
 
131,125
 
37,773
 
198
 
(433,470)
CAPITALIZED INTEREST
 
7,408
 
7,667
 
7,890
 
7,223
 
5,024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 CALCULATED DATA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXPENSED OR NON-CAPITAL G&A (%)
 
50.08
%
 
51.63
%
 
52.53
%
 
51.14
%
 
50.5
%
NON-CAPITAL RENT EXPENSE
 
2,594
 
2,913
 
2,960
 
3,092
 
2,363
1/3 NON-CAPITAL RENT EXPENSE
 
865
 
971
 
987
 
1,031
 
788
FIXED CHARGES
 
41,710
 
44,204
 
66,180
 
77,636
 
79,019
EARNINGS
 
106,527
 
167,662
 
96,063
 
70,611
 
(359,475)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
 
2.55

 
3.79

 
1.45

 
0.91

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount needed for a "break-even" ratio earnings
 
 
 
 
 
 
 
 
 
438,494

 
 
 
 
 
 
 
 
 
 
 
For purposes of calculating the ratio of earnings to fixed charges, fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and discounts, and that portion of non-capitalized rental expense deemed to be the equivalent of interest. Earnings represents income before income taxes and cumulative effect of change in accounting principle before interest expense, net, and that portion of rental expense deemed to be the equivalent of interest. Due to the non-cash charge incurred in the fourth quarter of 2014 caused by a write-down in the carrying value of oil and gas properties, 2014 earnings were insufficient by $438.5 million to cover fixed charges.