Rex Energy 10-K 2016 FY Annual report

Exhibit 12.1

REX ENERGY CORPORATION

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Years ended December 31,
(in thousands, except ratios)	2016			2015				2014		2013		2012
Computation of earnings (loss):
Income (loss) from continuing operations before income tax	$	(195,201)		$	(346,752		)	$	31,971	$	9,201	$	70,904
Add: Fixed charges		92,498			67,570				48,426		31,519		10,438
Add: Equity method investment loss		—			411				813		763		3,921
Less: Capitalized interest		2,681			7,732				7,259		7,548		3,017
Less: Preferred Stock dividend requirements		5,091			9,660				2,335		—		—
Earnings (loss)	$	(110,475)		$	(296,163)			$	71,616	$	33,935	$	82,246
Computation of fixed charges:
Interest expense	$	53,519		$	47,783			$	36,945	$	22,626	$	6,398
Add: Amortization of premium (discount) on Senior Notes, net		5,179			380				353		180		(8)
Add: Capitalized interest		2,681			7,732				7,259		7,548		3,017
Add: Amortized loan costs		26,028			2,015				1,534		1,165		1,031
Add: Preferred Stock dividend requirements		5,091			9,660				2,335		—		—
Fixed charges, as defined	$	92,498		$	67,570			$	48,426	$	31,519	$	10,438
Ratio of earnings (loss) to fixed charges and preferred stock dividends		—	(1)			—	(1)	1.5		1.1x		7.9x

(1) Due to our net losses for the years ended December 31, 2016 and 2015, the coverage ratio for each of these periods was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $203.0 million and $363.7 million for the years ended December 31, 2016 and 2015, respectively.