EX-12.2 3 c412-20141231ex1220f9e30.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)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

2014

 

2013

 

2012

Earnings:

 

 

 

 

 

 

 

 

Loss before Taxes

$
(894,944)

 

$
(89,037)

 

$
(111,998)

Add: Fixed charges, excluding capitalized interest

 
110,263 

 

 
106,339 

 

 
85,945 

Adjusted Income (Loss) before Taxes

$
(784,681)

 

$
17,302 

 

$
(26,053)

Fixed Charges:

 

 

 

 

 

 

 

 

Interest expense

$
108,934 

 

$
104,516 

 

$
84,122 

Preferred dividends

 
1,329 

 

 
1,823 

 

 
1,823 

Capitalized interest

 
9,775 

 

 
23,991 

 

 
26,886 

Total fixed charges

$
120,038 

 

$
130,330 

 

$
112,831 

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, amortization of debt discount and expense related to indebtedness and preferred dividends.  Fixed charges are defined as interest expense, including amortization of debt discount and expenses on indebtedness, plus preferred dividends and 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.