Exhibit 12.1
Years Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest Charges | $ | 102,396 | $ | 92,177 | $ | 76,016 | $ | 56,796 | $ | 12,388 | ||||||||||||
Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0% | — | 12,760 | 14,323 | 8,090 | — | |||||||||||||||||
Total Fixed Charges | $ | 102,396 | $ | 104,937 | $ | 90,339 | $ | 64,886 | $ | 12,388 | ||||||||||||
Loss Before Taxes and Non-controlling Interest | $ | (783,872 | ) | $ | (137,833 | ) | $ | (317,520 | ) | $ | (154,022 | ) | $ | (87,003 | ) | |||||||
Fixed Charges (Calculated Above) | 102,396 | 104,937 | 90,339 | 64,886 | 12,388 | |||||||||||||||||
Less: Capitalized Interest | — | 1,937 | (2,396 | ) | (4,240 | ) | — | |||||||||||||||
Less: Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0% | — | (12,760 | ) | (14,323 | ) | (8,090 | ) | — | ||||||||||||||
Earnings | $ | (681,476 | ) | $ | (43,719 | ) | $ | (243,900 | ) | $ | (101,466 | ) | $ | (74,615 | ) | |||||||
Amount by which earnings are insufficient to cover fixed charges | $ | 783,872 | $ | 148,656 | $ | 334,239 | $ | 166,352 | $ | 87,003 | ||||||||||||
Ratio of Earnings to Fixed Charges (1) | — | (2) | — | (3) | — | (4) | — | (5) | — | (6) | ||||||||||||
Series C Cumulative Perpetual Preferred Stock, cumulative dividend rate 10.25% | $ | 9,792 | $ | 10,248 | $ | 10,248 | $ | 10,248 | $ | 10,248 | ||||||||||||
Series D Cumulative Preferred Stock, cumulative dividend rate 8.0% | 16,911 | 17,698 | 17,655 | 11,699 | 3,759 | |||||||||||||||||
Series E preferred stock, cumulative dividend rate 8.0% | 7,114 | 7,481 | 7,561 | 894 | — | |||||||||||||||||
Pre-tax earnings required to cover preferred stock dividends * | $ | 33,817 | $ | 35,427 | $ | 35,464 | $ | 22,841 | $ | 14,007 | ||||||||||||
Amount by which earnings are insufficient to cover fixed charges and preferred stock dividends | $ | 817,689 | $ | 184,083 | $ | 369,703 | $ | 189,193 | $ | 101,010 | ||||||||||||
Ratio of Earnings to Fixed Charges with Preferred Dividend (1) | — | (7) | — | (8) | — | (9) | — | (10) | — | (11) | ||||||||||||
(1) | For purposes of determining the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes and non-controlling interest, plus fixed charges and amortization of capitalized interest, less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized), amortization of deferred financing costs and an estimate of the interest within rental expense. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations. | |||||||||||||||||||||
(2) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2015 by $783.8 million. | |||||||||||||||||||||
(3) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2014 by $148.7 million. | |||||||||||||||||||||
(4) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2013 by $334.2 million. | |||||||||||||||||||||
(5) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2012 by $166.4 million. | |||||||||||||||||||||
(6) | Earnings were insufficient to cover fixed charges for the year ended December 31, 2011 by $87.0 million. | |||||||||||||||||||||
(7) | Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2015 by $817.6 million. | |||||||||||||||||||||
(8) | Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2014 by $184.1 million. | |||||||||||||||||||||
(9) | Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2013 by $369.7 million. | |||||||||||||||||||||
(10) | Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2012 by $189.2 million. | |||||||||||||||||||||
(11) | Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2011 by $101.0 million. | |||||||||||||||||||||
* | Preferred dividends are not grossed up by the taxes as the Company reported losses from continuing operations for the periods presented. |