Exhibit 12.2
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(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 | | 16,598 |
| | 2,340 |
| | 983 |
| | 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 | | $ | 63,539 |
| | $ | (146,278 | ) | | $ | (115 | ) | | $ | (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 |
|
| Total fixed charges | | $ | 16,598 |
| | $ | 2,340 |
| | $ | 983 |
| | $ | 853 |
| | $ | 14,885 |
|
Dividends on preferred stock attributable to non-controlling interest(1) | | 14,428 |
| | 10,888 |
| | 1,575 |
| | — |
| | — |
|
| Total fixed charges and dividends | | $ | 31,026 |
| | $ | 13,228 |
| | $ | 2,558 |
| | $ | 853 |
| | $ | 14,885 |
|
| Fixed Charges and Fixed Charge Ratio: | | | | | | | | | | |
| Earnings (deficiency) to fixed charges | | $ | 32,513 |
| | $ | (159,506 | ) | | $ | (2,673 | ) | | $ | (13,719 | ) | | $ | 109,334 |
|
| Earnings to fixed charges ratio | | 2.0x |
| | — |
| | — |
| | — |
| | 8.3x |
|
_________________________________
| |
| (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 | ) | | (818 | ) | | (633 | ) | | (10,802 | ) |
| Net income (loss), as adjusted | | $ | 65,322 |
| | $ | (144,808 | ) | | $ | 909 |
| | $ | (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 |
|
Dividends on preferred stock(1) | | 14,428 |
| | 10,888 |
| | 1,575 |
| | — |
| | — |
|
| Total fixed charges and dividends | | $ | 30,874 |
| | $ | 13,229 |
| | $ | 2,557 |
| | $ | 800 |
| | $ | 11,623 |
|
| Fixed Charges and Fixed Charge Ratio: | | | | | | | | | | |
| Earnings (deficiency) to fixed charges | | $ | 34,448 |
| | $ | (158,037 | ) | | $ | (1,648 | ) | | $ | (12,807 | ) | | $ | 113,895 |
|
| Earnings to fixed charges ratio | | 2.1x |
| | — |
| | — |
| | — |
| | 10.8x |
|
_________________________________
| |
| (1) | Computed as the dividend requirement divided by (1 minus the statutory tax rate). |
