EX-12.2 3 a11-27411_1ex12d2.htm EX-12.2

Exhibit 12.2

 

Alpha Natural Resources, Inc. and Subsidiaries

Computation of Other Ratios

As of September 30, 2011

(Amounts in thousands except ratios)

 

Adjusted EBITDA to cash interest ratio: The Adjusted EBITDA to cash interest ratio is defined as Adjusted EBITDA divided by net cash interest expense (defined as interest expense plus/minus interest income and non-cash interest expense). (1)

 

Adjusted EBITDA (1)

 

$

1,253,613

 

 

 

 

 

Pro Forma net cash interest expense (1)

 

$

140,797

 

 

 

 

 

Adjusted EBITDA to cash interest ratio

 

8.9

 

 

(1) Adjusted EBITDA and pro forma net cash interest expense are defined and calculated in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Analysis of Material Debt Covenants” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.

 

Maximum Total Debt less Unrestricted Cash to Adjusted EBITDA Ratio: The maximum total debt less unrestricted cash to adjusted EBITDA ratio is defined as total net debt (defined as the sum of note payable and long-term debt less cash and cash equivalents) divided by Adjusted EBITDA.

 

Long-term debt, excluding debt discount

 

$

3,041,796

 

Cash, cash equivalents and permitted investments

 

(766,057

)

Total Net Debt

 

$

2,275,739

 

 

 

 

 

Adjusted EBITDA (1)

 

$

1,253,613

 

 

 

 

 

Total debt less unrestricted cash to adjusted EBITDA ratio

 

1.8

 

 

(1) Adjusted EBITDA is defined and calculated in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Analysis of Material Debt Covenants” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.

 

Coal sales realization per ton: Coal sales realization per ton is defined as coal revenues divided by tons sold.

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

(in thousands, except per ton data)

 

Revenues:

 

 

 

 

 

 

 

 

 

Coal revenues:

 

 

 

 

 

 

 

 

 

Eastern steam

 

$

853,361

 

$

394,342

 

$

1,689,802

 

$

1,222,478

 

Western steam

 

150,484

 

137,111

 

430,486

 

389,931

 

Metallurgical

 

994,089

 

364,982

 

2,275,516

 

1,009,396

 

Total

 

$

1,997,934

 

$

896,435

 

$

4,395,804

 

$

2,621,805

 

 

 

 

 

 

 

 

 

 

 

Tons sold :

 

 

 

 

 

 

 

 

 

Eastern steam

 

12,723

 

5,823

 

25,255

 

18,223

 

Western steam

 

12,556

 

12,349

 

36,054

 

35,620

 

Metallurgical

 

5,900

 

2,986

 

13,883

 

8,889

 

Total

 

31,179

 

21,158

 

75,192

 

62,732

 

 

 

 

 

 

 

 

 

 

 

Coal sales realization per ton:

 

 

 

 

 

 

 

 

 

Eastern steam

 

$

67.07

 

$

67.72

 

$

66.91

 

$

67.08

 

Western steam

 

$

11.98

 

$

11.10

 

$

11.94

 

$

10.95

 

Metallurgical

 

$

168.49

 

$

122.24

 

$

163.92

 

$

113.56

 

Average

 

$

64.08

 

$

42.37

 

$

58.46

 

$

41.79