Attached files
Exhibit No. 12.1
PDC ENERGY, INC. | |||||||||||||||||||||
Statement of Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (106,588 | ) | $ | 177,228 | $ | (32,963 | ) | $ | (30,688 | ) | $ | 35,268 | ||||||||
Fixed charges (see below) | 55,844 | 53,512 | 54,002 | 50,228 | 40,127 | ||||||||||||||||
Amortization of capitalized interest | 2,486 | 1,379 | 1,096 | 871 | 675 | ||||||||||||||||
Interest capitalized | (5,060 | ) | (3,468 | ) | (1,709 | ) | (896 | ) | (1,454 | ) | |||||||||||
Total adjusted earnings (loss) available for fixed charges | $ | (53,318 | ) | $ | 228,651 | $ | 20,426 | $ | 19,515 | $ | 74,616 | ||||||||||
Fixed Charges: | |||||||||||||||||||||
Interest and debt expense (a) | $ | 47,571 | $ | 47,842 | $ | 50,143 | $ | 47,505 | $ | 36,759 | |||||||||||
Interest capitalized | 5,060 | 3,468 | 1,709 | 896 | 1,454 | ||||||||||||||||
Interest component of rental expense (b) | 3,213 | 2,202 | 2,150 | 1,827 | 1,914 | ||||||||||||||||
Total fixed charges | $ | 55,844 | $ | 53,512 | $ | 54,002 | $ | 50,228 | $ | 40,127 | |||||||||||
Ratio of Earnings to Fixed Charges | — | (c) | 4.3 | x | — | (c) | — | (c) | 1.9 | x | |||||||||||
__________
(a) | Represents interest expense on long-term debt and amortization of debt discount and issuance costs. |
(b) | Represents the portion of rental expense which we believe represents an interest component. |
(c) | For the years ended December 31, 2015, 2013 and 2012, earnings were insufficient to cover total fixed charges by $109.2 million, $33.6 million and $30.7 million, respectively. |