Exhibit 12.1
ATP Oil & Gas Corporation
Statement Re Computation of Ratios
Amounts in $000’s, except as noted
Calculation of ratio of earnings to fixed charges and earnings to combined fixed charges and preference dividends per Reg S-K, Item 503(d):
Year Ended December 31, | ||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||
Net income (loss) | $ | 48,620 | $ | 121,705 | $ | (35,581 | ) | $ | (322,046 | ) | $ | (165,277 | ) | |||||||
Income taxes | (631 | ) | 49,973 | (22,534 | ) | (36,273 | ) | 18,068 | ||||||||||||
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Pre-tax income (loss) from continuing operations | 47,989 | 171,678 | (58,115 | ) | (358,319 | ) | (147,209 | ) | ||||||||||||
Add: | ||||||||||||||||||||
Interest expense, net | 121,302 | 100,729 | 40,884 | 222,104 | 326,411 | |||||||||||||||
Less: | ||||||||||||||||||||
Noncontrolling interest in pre-tax income of ATPIP | — | — | (13,380 | ) | (23,851 | ) | (40,957 | ) | ||||||||||||
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Earnings | $ | 169,291 | $ | 272,407 | $ | (30,611 | ) | $ | (160,066 | ) | $ | 138,245 | ||||||||
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Interest incurred (expensed and capitalized) | $ | 129,319 | $ | 145,300 | $ | 150,947 | $ | 275,358 | $ | 355,657 | ||||||||||
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Fixed charges | $ | 129,319 | $ | 145,300 | $ | 150,947 | $ | 275,358 | $ | 355,657 | ||||||||||
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Preference security dividends (pre-tax) | — | — | 4,394 | 17,305 | 28,589 | |||||||||||||||
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Combined fixed charges and preference dividends | $ | 129,319 | $ | 145,300 | $ | 155,341 | $ | 292,662 | $ | 384,246 | ||||||||||
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Ratio of Earnings to Fixed Charges | 1.31 x | 1.87 x | -0.20 x | -0.58 x | 0.39 x | |||||||||||||||
Ratio of Earnings to Fixed Charges and Preference Dividends | 1.31 x | 1.87 x | -0.20 x | -0.55 x | 0.36 x | |||||||||||||||
Shortfall - ratio of earnings to fixed charges - $ millions | $ | — | $ | — | $ | 181.6 | $ | 435.4 | $ | 217.4 | ||||||||||
Shortfall - ratio of earnings to fixed charges and Preference Dividends - $ millions | $ | — | $ | — | $ | 186.0 | $ | 452.7 | $ | 246.0 |