Attached files
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. |