Attached files
file | filename |
---|---|
10-Q - 10-Q - SM Energy Co | sm-9302016x10q.htm |
EX-32.1 - EXHIBIT 32.1 - SM Energy Co | sm-321906certifications930.htm |
EX-31.2 - EXHIBIT 31.2 - SM Energy Co | sm-312certificationwpursel.htm |
EX-31.1 - EXHIBIT 31.1 - SM Energy Co | sm-311certificationjottoso.htm |
EXHIBIT 12.1
SM Energy Company
Ratio of Earnings to Fixed Charges
For the Nine Months Ended September 30, | For the Years Ended December 31, | ||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||
Income (loss) before income taxes | $ | (871,303 | ) | $ | (722,861 | ) | $ | 1,064,699 | $ | 278,611 | $ | (83,517 | ) | $ | 339,001 | ||||
Add: Fixed charges | 118,649 | 155,510 | 117,147 | 102,758 | 77,841 | 58,030 | |||||||||||||
Add: Amortization of capitalized interest | 10,246 | 9,116 | 11,448 | 11,784 | 9,095 | 5,107 | |||||||||||||
Less: Capitalized interest | (14,823 | ) | (25,051 | ) | (16,165 | ) | (10,952 | ) | (12,135 | ) | (10,785 | ) | |||||||
Earnings before fixed charges | $ | (757,231 | ) | $ | (583,286 | ) | $ | 1,177,129 | $ | 382,201 | $ | (8,716 | ) | $ | 391,353 | ||||
Fixed charges: | |||||||||||||||||||
Interest expense (1) | $ | 102,329 | $ | 128,149 | $ | 98,554 | $ | 89,711 | $ | 63,720 | $ | 45,849 | |||||||
Capitalized interest | 14,823 | 25,051 | 16,165 | 10,952 | 12,135 | 10,785 | |||||||||||||
Interest expense component of rent (2) | 1,497 | 2,310 | 2,428 | 2,095 | 1,986 | 1,396 | |||||||||||||
Total fixed charges | $ | 118,649 | $ | 155,510 | $ | 117,147 | $ | 102,758 | $ | 77,841 | $ | 58,030 | |||||||
Ratio of earnings to fixed charges | — | — | 10.0 | 3.7 | — | 6.7 | |||||||||||||
Insufficient coverage | $ | 875,880 | $ | 738,796 | $ | — | $ | — | $ | 86,557 | $ | — |
(1) Includes amortization of deferred financing costs and discount. For the nine months ended September 30, 2016, excludes the $10.0 million paid to terminate a second lien facility that was no longer necessary to fund acquisition activity.
(2) Represents a reasonable approximation of the rental factor.