EX-12.1 5 a2013k_exx121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES. 2013K_EX_12.1


Exhibit No. 12.1


PDC ENERGY, INC.
 
Statement of Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
(dollars in thousands)
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
(41,269
)
 
$
(34,396
)
 
$
34,364

 
$
26,083

 
$
(97,036
)
 
Fixed charges (see below)
 
56,159

 
51,542

 
40,670

 
35,197

 
39,403

 
Amortization of capitalized interest
 
1,065

 
906

 
676

 
788

 
991

 
Interest capitalized
 
(1,926
)
 
(1,238
)
 
(1,703
)
 
(301
)
 
(751
)
 
Total adjusted earnings (loss) available for fixed charges
 
$
14,029

 
$
16,814

 
$
74,007

 
$
61,767

 
$
(57,393
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense (a)
 
$
51,898

 
$
48,287

 
$
36,985

 
$
33,250

 
$
37,208

 
Interest capitalized
 
1,926

 
1,238

 
1,703

 
301

 
751

 
Interest component of rental expense (b)
 
2,335

 
2,017

 
1,982

 
1,646

 
1,444

 
Total fixed charges
 
$
56,159

 
$
51,542

 
$
40,670

 
$
35,197

 
$
39,403

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
0.2
x
(c)
0.3
x
(c)
1.8
x
 
1.8
x
 
—

(c)
 
 
 
 
 
 
 
 
 
 
 
 
__________
(a)
Represents interest expense on long-term debt and amortization of debt discount and issuance costs.
(b)
Represents the portion of rental expense which we believe represents an interest component.
(c)
For the years ended December 31, 2013, 2012 and 2009, earnings were insufficient to cover total fixed charges by $42.1 million, $34.7 million and $96.8 million, respectively.