Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(Unaudited)
Gastar Exploration, Inc.
For the Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||
Net income (loss) | $ | 49,342 | $ | (153,791 | ) | $ | (740 | ) | $ | (13,264 | ) | $ | 119,163 | |||||||
Add: Fixed Charges | 31,026 | 13,228 | 2,558 | 853 | 14,885 | |||||||||||||||
Add: Amortization of capitalized interest | 883 | 7,119 | 460 | 178 | 973 | |||||||||||||||
Less: Interest capitalized | (3,284 | ) | (1,946 | ) | (818 | ) | (633 | ) | (10,802 | ) | ||||||||||
Net income (loss), as adjusted | $ | 77,967 | $ | (135,390 | ) | $ | 1,460 | $ | (12,866 | ) | $ | 124,219 | ||||||||
Fixed Charges: | ||||||||||||||||||||
Total interest expensed | $ | 14,130 | $ | 1,992 | $ | 682 | $ | 500 | $ | 12,831 | ||||||||||
Amortization of financing costs | 2,322 | 224 | 248 | 283 | 1,964 | |||||||||||||||
Estimated interest portion of operating leases | 146 | 124 | 53 | 70 | 90 | |||||||||||||||
Dividends on preferred stock attributable to non-controlling interest(1) | 14,428 | 10,888 | 1,575 | — | — | |||||||||||||||
Total fixed charges | $ | 31,026 | $ | 13,228 | $ | 2,558 | $ | 853 | $ | 14,885 | ||||||||||
Fixed Charges and Fixed Charge Ratio: | ||||||||||||||||||||
Earnings (deficiency) to fixed charges | $ | 46,941 | $ | (148,618 | ) | $ | (1,098 | ) | $ | (13,719 | ) | $ | 109,334 | |||||||
Earnings to fixed charges ratio | 2.5x | — | — | — | 8.3x |
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(1) | Computed as the dividend requirement divided by (1 minus the statutory tax rate). |
Gastar Exploration Inc. (formerly known as Gastar Exploration USA, Inc.)
For the Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||
Net income (loss) | $ | 51,277 | $ | (152,322 | ) | $ | 285 | $ | (12,352 | ) | $ | 123,724 | ||||||||
Add: Fixed Charges | 16,446 | 2,341 | 982 | 800 | 11,623 | |||||||||||||||
Add: Amortization of capitalized interest | 883 | 7,119 | 460 | 178 | 973 | |||||||||||||||
Less: Interest capitalized | (3,284 | ) | (1,946 | ) | (817 | ) | (633 | ) | (10,802 | ) | ||||||||||
Net income (loss), as adjusted | $ | 65,322 | $ | (144,808 | ) | $ | 910 | $ | (12,007 | ) | $ | 125,518 | ||||||||
Fixed Charges: | ||||||||||||||||||||
Total interest expensed | $ | 13,978 | $ | 1,993 | $ | 681 | $ | 483 | $ | 10,240 | ||||||||||
Amortization of financing costs | 2,322 | 224 | 248 | 247 | 1,293 | |||||||||||||||
Estimated interest portion of operating leases | 146 | 124 | 53 | 70 | 90 | |||||||||||||||
Total fixed charges | $ | 16,446 | $ | 2,341 | $ | 982 | $ | 800 | $ | 11,623 | ||||||||||
Fixed Charges and Fixed Charge Ratio: | ||||||||||||||||||||
Earnings (deficiency) to fixed charges | $ | 48,876 | $ | (147,149 | ) | $ | (72 | ) | $ | (12,807 | ) | $ | 113,895 | |||||||
Earnings to fixed charges ratio | 4.0x | — | — | — | 10.8x |