Exhibit 12.1
SANDRIDGE ENERGY, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
| Successor | Predecessor | |||||||||||||||||||||||||||
| Year Ended December 31, 2017 | Period from October 2, 2016 through December 31, 2016 | Period from January 1, 2016 through October 1, 2016 | Year Ended December 31, | |||||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 4,886 | $ | 1,590 | $ | 127,517 | $ | 322,502 | $ | 244,712 | $ | 274,591 | (a) | $ | 312,869 | (a) | ||||||||||||
Interest component of rent | 74 | 7 | 126 | 321 | 578 | 1,207 | 851 | |||||||||||||||||||||
Capitalized interest | — | — | 2,240 | 14,019 | 19,717 | 16,691 | 14,789 | |||||||||||||||||||||
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Total | $ | 4,960 | $ | 1,597 | $ | 129,883 | $ | 336,842 | $ | 265,007 | $ | 292,489 | $ | 328,509 | ||||||||||||||
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Earnings: | ||||||||||||||||||||||||||||
Pretax (loss) income from continuing operations (b) | $ | 38,313 | $ | (333,973 | ) | $ | 1,440,808 | $ | (3,697,512 | ) | $ | 250,709 | $ | (548,513 | ) | $ | 40,905 | |||||||||||
Fixed charges | 4,960 | 1,597 | 129,883 | 336,842 | 265,007 | 292,489 | 328,509 | |||||||||||||||||||||
Less: interest capitalized in current period | — | — | (2,240 | ) | (14,019 | ) | (19,717 | ) | (16,691 | ) | (14,789 | ) | ||||||||||||||||
Add: previously capitalized interest amortized in current period | — | 1,549 | 4,513 | 4,449 | 2,746 | 2,301 | 1,077 | |||||||||||||||||||||
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Total | $ | 43,273 | $ | (330,827 | ) | $ | 1,572,964 | $ | (3,370,240 | ) | $ | 498,745 | $ | (270,414 | ) | $ | 355,702 | |||||||||||
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Ratio of Earnings to Fixed Charges | 8.7 | — | 12.1 | — | 1.9 | — | 1.1 | |||||||||||||||||||||
Insufficient coverage | $ | — | $ | 332,424 | $ | — | $ | 3,707,082 | $ | — | $ | 562,903 | $ | — | ||||||||||||||
Fixed charges | $ | 4,960 | $ | 1,597 | $ | 129,883 | $ | 336,842 | $ | 265,007 | $ | 292,489 | $ | 328,509 | ||||||||||||||
Preferred dividends (c) | — | — | 16,321 | 37,950 | 50,025 | 55,525 | 55,525 | |||||||||||||||||||||
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Total | $ | 4,960 | $ | 1,597 | $ | 146,204 | $ | 374,792 | $ | 315,032 | $ | 348,014 | $ | 384,034 | ||||||||||||||
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Earnings | $ | 43,273 | $ | (330,827 | ) | $ | 1,572,964 | $ | (3,370,240 | ) | $ | 498,745 | $ | (270,414 | ) | $ | 355,702 | |||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Dividends | 8.7 | — | 10.8 | — | 1.6 | — | — | |||||||||||||||||||||
Insufficient coverage | $ | — | $ | 332,424 | $ | — | $ | 3,745,032 | $ | — | $ | 618,428 | $ | 28,332 | ||||||||||||||
| (a) | Interest expense for the years ended December 31, 2013 and 2012 excludes the effects of $2.4 million and $8.1 million unrealized gain, respectively, on interest rate swaps. |
| (b) | Excludes undistributed income from equity investees. |
| (c) | Preferred dividends are presented on apre-tax basis. |
