EX-12 4 sfy_ex12-05182009.htm EXHIBIT 12 sfy_ex12-05182009.htm
EXHIBIT 12

Swift Energy Company
 
Ratio of earnings to fixed charges
 

(in thousands)
  
Three Months Ended March 31,
  
Year Ended December 31,
  
   
2009
  
2008
  
2007
  
2006
  
2005
  
2004
    
Gross G&A
  
$ 17,623
  
$  86,212
  
$ 73,453
  
$ 62,876
  
$ 42,142
  
$ 29,972
    
Net G&A
  
8,419
  
38,673
  
34,182
  
27,634
  
18,866
  
14,357
    
Interest Expense, Net
  
7,467
  
31,079
  
28,082
  
23,582
  
24,873
  
27,643
    
Rent Expense
  
771
  
2,947
  
2,952
  
2,567
  
2,529
  
2,101
    
Income (loss) from Continuing Operations Before Income Taxes
  
(91,969)
  
(412,758)
  
244,556
  
248,308
  
156,129
  
86,083
    
Capitalized Interest
  
1,523
  
8,037
  
9,545
  
9,211
  
7,199
  
6,490
    
Calculated Data
                            
Unallocated G&A (%)
  
47.77
%
44.86
%
46.54
%
43.95
%
44.77
%
47.90
 
%
  
Non-Capital Rent Expense
  
$     368
  
$   1,322
  
$   1,374
  
$   1,128
  
$   1,132
  
$    1,006
    
1/3 Non-Capital Rent Expense
  
123
  
441
  
458
  
376
  
377
  
335
    
Fixed Charges
  
9,113
  
39,557
  
38,085
  
33,169
  
32,449
  
34,468
    
Earnings
  
(84,379)
  
(381,238)
  
273,096
  
272,266
  
181,379
  
114,061
    
Ratio of Earnings to Fixed Charges
  
*
  
*
  
7.17
  
8.21
  
5.59
  
3.31
    

     
*
Due to the $754.3 million non-cash charge incurred in the fourth quarter of 2008, and the $79.3 million non-cash charge incurred in the first quarter of 2009, both caused by a write-down in the carrying value of oil and gas properties due to the rapid decline of oil and gas prices during those periods, 2008 earnings were insufficient to cover fixed charges by $420.8 million, and first quarter 2009 earnings were insufficient to cover fixed charges by $93.5 million.  If the $754.3 million non-cash charge at year-end 2008 is excluded in calculating earnings, the ratio of earnings to fixed charges would have been 9.43 for the year ended December 31, 2008.  If the $79.3 million non-cash charge is excluded in calculating earnings, the ratio of earnings to fixed charges for the quarter ended March 31, 2009, would have still been insufficient to cover fixed charges by $14.2 million.

For purposes of calculating the ratio of earnings to fixed charges, fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and discounts, and that portion of non-capitalized rental expense deemed to be the equivalent of interest.  Earnings represents income (loss) from continuing operations before income taxes and interest expense, net, and that portion of rental expense deemed to be the equivalent of interest