Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
Gastar Exploration Ltd.
For the year ended December 31, | |||||||||||||||||||
Earnings (Loss): | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
Net income (loss) | $ | (160,868 | ) | $ | (1,764 | ) | $ | (12,460 | ) | $ | 48,846 | $ | (5,361 | ) | |||||
Add: Fixed Charges | 9,417 | 2,007 | 853 | 14,885 | 18,163 | ||||||||||||||
Add: Amortization of capitalized interest | 7,119 | 460 | 178 | 973 | 176 | ||||||||||||||
Less: Interest capitalized | (1,946) | (818) | (633) | (10,802) | (12,225) | ||||||||||||||
Net income (loss), as adjusted | $ | (146,278 | ) | $ | (115 | ) | $ | (12,062 | ) | $ | 53,902 | $ | 753 | ||||||
Fixed Charges: | |||||||||||||||||||
Total interest expensed | $ | 1,992 | $ | 682 | $ | 500 | $ | 12,831 | $ | 16,080 | |||||||||
Amortization of financing costs | 224 | 248 | 283 | 1,964 | 1,998 | ||||||||||||||
Estimated interest portion of operating leases | 124 | 53 | 70 | 90 | 85 | ||||||||||||||
Dividends on preferred stock attributable to non-controlling interest | 7,077 | 1,024 | — | — | — | ||||||||||||||
Total fixed charges | $ | 9,417 | $ | 2,007 | $ | 853 | $ | 14,885 | $ | 18,163 | |||||||||
Fixed Charges and Fixed Charge Ratio: | |||||||||||||||||||
Deficiency to fixed charges | $ | (155,695 | ) | $ | (2,122 | ) | $ | (12,915 | ) | — | $ | (17,410 | ) | ||||||
Earnings to fixed charges | — | — | — | 3.6 | — |
Gastar Exploration USA, Inc.
For the year ended December 31, | |||||||||||||||||||
Earnings (Loss): | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
Net income (loss) | $ | (159,399 | ) | $ | (739 | ) | $ | (11,548 | ) | $ | 53,607 | $ | (432 | ) | |||||
Add: Fixed Charges | 9,418 | 2,006 | 800 | 11,623 | 14,368 | ||||||||||||||
Add: Amortization of capitalized interest | 7,119 | 460 | 178 | 973 | 176 | ||||||||||||||
Less: Interest capitalized | (1,946) | (817) | (633) | (10,802) | (12,224) | ||||||||||||||
Net income (loss), as adjusted | $ | (144,808 | ) | $ | 910 | $ | (11,203 | ) | $ | 55,401 | $ | 1,888 | |||||||
Fixed Charges: | |||||||||||||||||||
Total interest expensed | $ | 1,993 | $ | 681 | $ | 483 | $ | 10,240 | $ | 12,823 | |||||||||
Amortization of financing costs | 224 | 248 | 247 | 1,293 | 1,460 | ||||||||||||||
Estimated interest portion of operating leases | 124 | 53 | 70 | 90 | 85 | ||||||||||||||
Dividends on preferred stock attributable to non-controlling interest | 7,077 | 1,024 | — | — | — | ||||||||||||||
Total fixed charges | $ | 9,418 | $ | 2,006 | $ | 800 | $ | 11,623 | $ | 14,368 | |||||||||
Fixed Charges and Fixed Charge Ratio: | |||||||||||||||||||
Deficiency to fixed charges | $ | (154,226 | ) | $ | (1,096 | ) | $ | (12,003 | ) | — | $ | (12,480 | ) | ||||||
Earnings to fixed charges | — | — | — | 4.8 | — |