EX-12.1 2 a12-19849_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES (1)

(in thousands, except ratio data)

 

CLOUD PEAK ENERGY INC.

 

 

 

9/30/2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax benefit (provision), earnings (loss) from unconsolidated affiliates and minority interest

 

$

191,487

 

$

199,445

 

$

145,990

 

$

249,340

 

$

109,140

 

$

69,377

 

Amortization of capitalized interest

 

2,331

 

1,026

 

1,368

 

1,363

 

1,342

 

1,245

 

Distributions of income from equity investments

 

1,000

 

5,250

 

35

 

4,000

 

4,750

 

—

 

Capitalized interest

 

(34,320

)

(44,883

)

(24,492

)

(15,484

)

(6,558

)

(1,802

)

Fixed charges

 

60,097

 

79,205

 

71,816

 

22,038

 

27,366

 

43,325

 

Adjusted income from continuing operations before income tax provision

 

$

220,595

 

$

240,043

 

$

194,717

 

$

261,257

 

$

136,040

 

$

112,145

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

25,457

 

$

33,866

 

$

46,938

 

$

5,992

 

$

20,376

 

$

40,930

 

Capitalized interest

 

34,320

 

44,883

 

24,492

 

15,484

 

6,558

 

1,802

 

Interest within rental expense

 

320

 

456

 

386

 

562

 

432

 

593

 

Total fixed charges

 

$

60,097

 

$

79,205

 

$

71,816

 

$

22,038

 

$

27,366

 

$

43,325

 

Ratio of earnings to fixed charges

 

3.7

x

3.0

x

2.7

x

11.9

x

5.0

x

2.6

x

 

CLOUD PEAK ENERGY RESOURCES LLC

 

 

 

9/30/2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax benefit (provision), earnings (loss) from unconsolidated affiliates and minority interest

 

$

162,487

 

$

219,403

 

$

165,728

 

$

249,340

 

$

109,140

 

$

69,377

 

Amortization of capitalized interest

 

2,331

 

1,026

 

1,368

 

1,363

 

1,342

 

1,245

 

Distributions of income from equity investments

 

1,000

 

5,250

 

35

 

4,000

 

4,750

 

—

 

Capitalized interest

 

(34,320

)

(44,883

)

(24,492

)

(15,484

)

(6,558

)

(1,802

)

Fixed charges

 

60,097

 

79,101

 

71,816

 

22,038

 

27,366

 

43,325

 

Adjusted income from continuing operations before income tax provision

 

$

191,596

 

$

259,897

 

$

214,455

 

$

261,257

 

$

136,040

 

$

112,145

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

25,457

 

$

33,762

 

$

46,938

 

$

5,992

 

$

20,376

 

$

40,930

 

Capitalized interest

 

34,320

 

44,883

 

24,492

 

15,484

 

6,558

 

1,802

 

Interest within rental expense

 

320

 

456

 

386

 

562

 

432

 

593

 

Total fixed charges

 

$

60,097

 

$

79,101

 

$

71,816

 

$

22,038

 

$

27,366

 

$

43,325

 

Ratio of earnings to fixed charges

 

3.2

x

3.3

x

3.0

x

11.9

x

5.0

x

2.6

x

 

(1)                                  For purposes of calculating the ratio of earnings to fixed charges, earnings were calculated by adding (i) earnings from continuing operations, (ii) interest expense, net, including the portion of rents representative of an interest factor, (iii) amortization of debt issue costs and capitalized interest, (iv) distributions from equity investments and (v) capitalized interest. Fixed charges consist of interest expense, net, amortization of debt issue costs, and the portions of rents representative of an interest factor.