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 |
| | — |
|
