Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Patriot Coal CORP | c57708e8vk.htm |
| EX-99.3 - EX-99.3 - Patriot Coal CORP | c57708exv99w3.htm |
| EX-99.1 - EX-99.1 - Patriot Coal CORP | c57708exv99w1.htm |
Exhibit 99.2
PATRIOT COAL CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
Ratio of Earnings to Fixed Charges: |
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Earnings: |
||||||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for noncontrolling interest
in consolidated subsidiaries or income or loss from equity investees |
$ | 4,048 | $ | 32,374 | $ | 126,846 | $ | 143,643 | $ | (102,209 | ) | $ | 5,967 | $ | 19,209 | |||||||||||||
Add: |
||||||||||||||||||||||||||||
Fixed Charges |
11,622 | 11,752 | 50,218 | 32,820 | 14,712 | 17,096 | 15,922 | |||||||||||||||||||||
Amortization of capitalized interest |
271 | 216 | 267 | 212 | 203 | 157 | 122 | |||||||||||||||||||||
Distributions from equity investees |
— | — | 1,000 | — | — | 9,935 | 7,552 | |||||||||||||||||||||
Less: |
||||||||||||||||||||||||||||
Interest capitalized |
(164 | ) | (151 | ) | (546 | ) | (89 | ) | (464 | ) | (348 | ) | (106 | ) | ||||||||||||||
Distributions on preferred securities of consolidated subsidiaries |
— | — | — | — | — | — | — | |||||||||||||||||||||
Total earnings |
$ | 15,777 | $ | 44,191 | $ | 177,785 | $ | 176,586 | $ | (87,758 | ) | $ | 32,807 | $ | 42,699 | |||||||||||||
Fixed charges: |
||||||||||||||||||||||||||||
Interest expense |
$ | 8,021 | $ | 7,683 | $ | 34,392 | $ | 21,037 | $ | 8,123 | $ | 11,419 | $ | 9,833 | ||||||||||||||
Interest capitalized |
164 | 151 | 546 | 89 | 464 | 348 | 106 | |||||||||||||||||||||
Amortization of capitalized expenses related to indebtedness |
1,011 | 910 | 3,716 | 2,611 | 214 | — | — | |||||||||||||||||||||
Rental Expense interest factor |
2,426 | 3,008 | 11,564 | 9,083 | 6,196 | 5,685 | 5,983 | |||||||||||||||||||||
Distributions on preferred securities of consolidated subsidiaries |
— | — | — | — | — | — | — | |||||||||||||||||||||
Noncontrolling Interest share of fixed charges |
— | — | — | — | (285 | ) | (356 | ) | — | |||||||||||||||||||
Total fixed charges |
$ | 11,622 | $ | 11,752 | $ | 50,218 | $ | 32,820 | $ | 14,712 | $ | 17,096 | $ | 15,922 | ||||||||||||||
Ratio of earnings to fixed charges |
1.4x | 3.8x | 3.5x | 5.4x | (1) | N/A | 1.9x | 2.7x | ||||||||||||||||||||
Coverage deficiency (2) |
N/A | N/A | N/A | N/A | $ | 102,470 | N/A | N/A | ||||||||||||||||||||
| (1) | The ratio of earnings to fixed charges for the year ended December 31, 2008 has been adjusted to reflect the retrospective application of authoritative guidance. | |
| (2) | Represents the dollar amount of the coverage deficiency, as earnings are inadequate to cover fixed charges. |