SM Energy Company
Ratio of Earnings to Fixed Charges
| |
Year Ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
| |
(in thousands, except ratios) |
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Pretax income from continuing operations |
$ | 278,611 | $ | (83,517 | ) | $ | 339,001 | $ | 314,896 | $ | (159,464 | ) | ||||
Add: Fixed charges |
102,758 |
77,841 |
58,030 |
29,558 |
31,702 |
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Add: Amortization of capitalized interest |
11,784 | 9,095 | 5,107 | 2,991 | 2,697 | |||||||||||
Less: Capitalized interest |
(10,952 | ) | (12,135 | ) | (10,785 | ) | (4,337 | ) | (1,902 | ) | ||||||
Earnings before fixed charges |
$ | 382,201 | $ | (8,716 | ) | $ | 391,353 | $ | 343,108 | $ | (126,967 | ) | ||||
Fixed charges: |
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Interest expense(1) |
89,711 | 63,720 | 45,849 | 24,196 | 28,856 | |||||||||||
Capitalized interest |
10,952 | 12,135 | 10,785 | 4,337 | 1,902 | |||||||||||
Interest expense component of rent(2) |
2,095 | 1,986 | 1,396 | 1,025 | 944 | |||||||||||
Total fixed charges |
$ | 102,758 | $ | 77,841 | $ | 58,030 | $ | 29,558 | $ | 31,702 | ||||||
Ratio of earnings to fixed charges |
3.7 | — | 6.7 | 11.6 | — | |||||||||||
Insufficient coverage |
$ | — | $ | 86,557 | $ | — | $ | — | $ | 158,669 | ||||||