EX-12.1 2 v55069exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
COEUR D’ALENE MINES CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                         
    Nine months Ended    
    September 30,   Year ended December 31,
    2009   2008   2008   2007   2006   2005   2004
Fixed Charges:
                                                        
Interest expense
     11,257,761       2,452,214       2,882,424       61,635       921,317       2,095,917       2,483,530  
Capitalized interest
     19,946,798       10,500,733       18,724,062       2,280,139       1,450,366       227,229       64,352  
Amortization of public offering costs
     789,199       688,673       1,843,625       302,998       302,998       302,998       407,899  
Amortization of capital lease costs
     —       —       —       —       —       —       687  
Portion of rent expense representative of interest
     2,769,883       2,394,888       4,581,055       1,717,109       1,702,999       1,687,277       1,430,833  
 
                                                        
Total fixed charges
     34,763,641       16,036,508       28,031,166       4,361,881       4,377,681       4,313,421       4,387,301  
 
                                                        
Earnings:
                                                        
Net income (loss) from continuing operations before income taxes
     (27,068,000 )     (13,042,000 )     (14,128,000 )     58,817,000       83,645,000       16,229,000       (23,821,000 )
Fixed charges
     34,763,641       16,036,508       28,031,166       4,361,881       4,377,681       4,313,421       4,387,301  
Less interest capitalized
     (19,946,798 )     (10,500,733 )     (18,724,062 )     (2,280,139 )     (1,450,366 )     (227,229 )     (64,352 )
Current period amortization of capitalized interest
     940,512       —       87,810       —       —       —       —  
 
                                                        
 
     (11,310,645 )     (7,506,225 )     (4,733,086 )     60,898,742       86,572,315       20,315,192       (19,498,052 )
 
                                                        
 
                                                        
Earnings in excess of fixed charges (fixed charges in excess of earnings)
     (46,074,286 )     (23,542,733 )     (32,764,252 )     56,536,861       82,194,634       16,001,771       (23,885,352 )
 
                                                        
 
                                                        
Ratio of earnings to fixed charges
     N/A       N/A       N/A       13.96       19.78       4.71       N/A  
 
(1)   N/A — represents coverage ratio of less than 1.
 
(2)   Note: Net income (loss) above for years 2004 to 2006 have been restated to give effect to discontinued operations.