EX-12.1 2 c412-20141231ex121f30ded.htm EX-12.1 EX 121 Computation of Ratios of Earnings to Fixed Chgs

 

Exhibit  12.1

 

 

Endeavour International Corporation

Computation of Ratios of Earnings to Fixed Charges

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

2014

 

2013

 

2012

Earnings:

 

 

 

 

 

 

 

 

Loss before Taxes

$
(894,944)

 

$
(89,037)

 

$
(111,998)

Add: Fixed charges, excluding capitalized interest

 
108,934 

 

 
104,516 

 

 
84,122 

Adjusted Income (Loss) before Taxes

$
(786,010)

 

$
15,479 

 

$
(27,876)

Fixed Charges:

 

 

 

 

 

 

 

 

Interest expense

$
108,934 

 

$
104,516 

 

$
84,122 

Capitalized interest

 
9,775 

 

 
23,991 

 

 
26,886 

Total fixed charges

$
118,709 

 

$
128,507 

 

$
111,008 

Ratio of earnings to fixed charges

 

 —

 

 
0.10 

 

 

 —

 

For purposes of this computation, earnings are defined as loss before taxes from continuing operations plus interest expense and amortization of debt discount and expense related to indebtedness.  Fixed charges are defined as interest expense, including amortization of debt discount and expenses on indebtedness, plus capitalized interest.

 

Earnings were insufficient to cover fixed charges by $904.7 million, $113.0 million and $138.9 million for the years ended December 31, 2014,  2013 and 2012, respectively.