EX-12 2 unt-20151231x10kxexx12.htm COMPUTATION RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
Unit Corporation
Computation Ratio of Earnings to Fixed Charges

 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(Dollars in thousands)
 
Income (loss) from continuing operations before income taxes
$
(1,664,309
)
 
$
222,939

 
$
301,469

 
$
39,402

 
$
319,002

 
(Income) loss from equity investments
(18
)
 
133

 
238

 
205

 
295

 
Distribution from equity investments
—

 
303

 
144

 
—

 
—

 
Interest expense
31,464

 
16,904

 
14,578

 
13,878

 
4,167

 
Amortization of capitalized interest
38,695

(3) 
5,461

(3 
) 
3,080

 
4,922

(3 
) 
1,654

 
Amortization of bond discount
499

 
467

 
437

 
259

 
—

 
Earnings (loss)
$
(1,593,669
)
 
$
246,207

 
$
319,946

 
$
58,666

 
$
325,118

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges (1)
 
 
 
 
 
 
 
 
 
 
Interest expense
$
31,464

 
$
16,904

 
$
14,578

 
$
13,878

 
$
4,167

 
Capitalized interest
21,711

 
32,246

 
33,670

 
18,867

 
11,478

 
Amortization of bond discount
499

 
467

 
437

 
259

 
—

 
Total fixed charges
$
53,674

 
$
49,617

 
$
48,685

 
$
33,004

 
$
15,645

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
—

(4) 
5.0

x
6.6

x
1.8

x
20.8

x
_________________________
(1)
Fixed charges are determined as defined in instructions for Item 503 of Regulation S-K of the Securities Act.
(2)
There were no shares of preferred stock outstanding during any of the time periods indicated in the table.
(3)
Amortization of capitalized interest includes the proportionate amount related to the ceiling test write-down.
(4)
Earnings for the year ended December 31, 2015 were insufficient to cover fixed charges by $1.6 billion.