EX-12.2 6 end-20140321ex12230248f.htm EX-12.2 EX 122 Computation of Ratios of Earnings to Fixed Chgs and PSD

 

 

Exhibit 12.2

Endeavour International Corporation

Computation of Ratios of Earnings to Fixed Charges

And Preference Securities Dividends

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2013

 

2012

 

2011

 

 

2010

 

2009

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) before Taxes

 

$
(89,037)

 

$
(111,998)

 

$
(103,934)

 

 
55,743 

 

 
(47,380)

Add: Fixed charges, excluding capitalized interest

 

 
106,339 

 

 
85,945 

 

 
46,867 

 

 
36,819 

 

 
37,841 

Earnings

 

$
17,302 

 

$
(26,053)

 

$
(57,067)

 

 
92,562 

 

 
(9,539)

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
104,516 

 

$
84,122 

 

$
44,893 

 

 
34,592 

 

 
16,630 

Preferred dividends

 

 
1,823 

 

 
1,823 

 

 
1,974 

 

 
2,227 

 

 
21,211 

Capitalized interest

 

 
23,991 

 

 
26,886 

 

 
14,711 

 

 
3,925 

 

 
3,067 

Total fixed charges

 

$
130,330 

 

$
112,831 

 

$
61,578 

 

 
40,744 

 

 
40,908 

Ratio of earnings to fixed charges

 

 

 —

 

 

 —

 

 

 —

 

 
2.30 

 

 

 —

 

For purposes of this computation, earnings are defined as pretax earnings from continuing operations

before adjustment for minority interest and equity losses in entities with oil and gas properties, plus interest expense, and amortization of debt discount and expense related to indebtedness.  Fixed charges are interest expense, including amortization of debt discount and expenses on indebtedness.

 

Earnings were insufficient to cover fixed charges by $113.0 million, $138.9 million, $118.6 million and $50.4 million for the years  ended December 31, 2013, 2012, 2011 and 2009, respectively.