Exhibit 12.1
TRANSATLANTIC PETROLEUM LTD.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Three Months Ended March 31, 2015 | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (3,972 | ) | $ | 42,143 | $ | (12,164 | ) | $ | 118 | $ | (80,139 | ) | $ | (29,807 | ) | ||||||||
Interest expense | 3,310 | 6,213 | 3,929 | 8,340 | 13,665 | 7,055 | ||||||||||||||||||
Portion of rent expense representing interest | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings available for fixed charges | (662 | ) | 48,356 | (8,235 | ) | 8,458 | (66,474 | ) | (22,752 | ) | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 3,310 | 6,213 | 3,929 | 8,340 | 13,665 | 7,055 | ||||||||||||||||||
Portion of rent expense representing interest | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges | 3,310 | 6,213 | 3,929 | 8,340 | 13,665 | 7,055 | ||||||||||||||||||
Ratio of earnings to fixed charges | — | 7.8 | — | 1.0 | — | — | ||||||||||||||||||
Coverage deficiency | $ | 7,282 | $ | 16,093 | $ | 93,804 | $ | 36,862 |