Attached files
| file | filename |
|---|---|
| 10-K - ANNUAL REPORT PURSUANT TO SECTION 13 AND 15(D) - CANO PETROLEUM, INC | a11-27191_210k.htm |
| EX-31.2 - EX-31.2 - CANO PETROLEUM, INC | a11-27191_2ex31d2.htm |
| EX-32.1 - EX-32.1 - CANO PETROLEUM, INC | a11-27191_2ex32d1.htm |
| EX-23.3 - EX-23.3 - CANO PETROLEUM, INC | a11-27191_2ex23d3.htm |
| EX-21.1 - EX-21.1 - CANO PETROLEUM, INC | a11-27191_2ex21d1.htm |
| EX-32.2 - EX-32.2 - CANO PETROLEUM, INC | a11-27191_2ex32d2.htm |
| EX-31.1 - EX-31.1 - CANO PETROLEUM, INC | a11-27191_2ex31d1.htm |
| EX-23.2 - EX-23.2 - CANO PETROLEUM, INC | a11-27191_2ex23d2.htm |
| EX-23.1 - EX-23.1 - CANO PETROLEUM, INC | a11-27191_2ex23d1.htm |
| EX-99.1 - EX-99.1 - CANO PETROLEUM, INC | a11-27191_2ex99d1.htm |
EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
|
|
|
Twelve Months ended June 30, |
| |||||||||||||
|
Dollar Amounts in Thousands |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
| |||||
|
|
|
(a) |
|
(a) |
|
(a) |
|
(a) |
|
(a) |
| |||||
|
Ratio |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Earnings |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Pre-tax loss from continuing operations adjusted for minority interests |
|
$ |
(204,676 |
) |
$ |
(20,058 |
) |
$ |
(17,732 |
) |
$ |
(35,419 |
) |
$ |
(9,104 |
) |
|
Fixed charges (see below) |
|
11,318 |
|
6,049 |
|
6,330 |
|
9,935 |
|
7,348 |
| |||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Capitalized interest |
|
(717 |
) |
(1,987 |
) |
(1,406 |
) |
(2,463 |
) |
(303 |
) | |||||
|
Pre-tax earnings to cover preferred stock dividend |
|
(4,914 |
) |
(2,858 |
) |
(4,266 |
) |
(6,380 |
) |
(4,952 |
) | |||||
|
Total Earnings |
|
$ |
(198,989 |
) |
$ |
(18,853 |
) |
$ |
(17,074 |
) |
$ |
(34,327 |
) |
$ |
(7,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expensed (includes amortization) |
|
$ |
5,625 |
|
$ |
907 |
|
$ |
466 |
|
$ |
861 |
|
$ |
1,932 |
|
|
Interest capitalized |
|
717 |
|
1,987 |
|
1,406 |
|
2,463 |
|
303 |
| |||||
|
Estimate of interest within rental expense |
|
62 |
|
298 |
|
192 |
|
231 |
|
162 |
| |||||
|
Pre-tax earnings to cover preferred stock dividend - Preferred dividend / (1-36%) |
|
4,914 |
|
2,858 |
|
4,266 |
|
6,380 |
|
4,952 |
| |||||
|
Total Fixed Charges |
|
$ |
11,318 |
|
$ |
6,049 |
|
$ |
6,330 |
|
$ |
9,935 |
|
$ |
7,348 |
|
(a) Since the registrant’s has recorded a loss for all periods shown above, the ratio coverage was less than 1:1. In order to achieve a coverage ratio of 1:1, the Registrant must generate the following earnings for each period as shown below.
|
Earnings to increase ratio to 1:1 |
|
$ |
210,307 |
|
$ |
24,903 |
|
$ |
23,404 |
|
$ |
44,262 |
|
$ |
14,359 |
|