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Legacy Reserves LP
Computation of Ratios of Earnings to Fixed Charges and
Preferred Securities Distributions
(in thousands, except ratios)
| | Six Months Ended June 30, | Years Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||
Income (loss) before income taxes | $ | (15,368 | ) | $ | (34,623 | ) | $ | 69,733 | $ | 73,091 | $ | 11,346 | $ | (92,277 | ) | ||||
Equity in (income) loss of equity method investee | (183 | ) | (559 | ) | (111 | ) | (138 | ) | (97 | ) | (31 | ) | |||||||
Distributed income of equity method investee | 204 | 861 | — | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from operations before income taxes | $ | (15,347 | ) | $ | (34,321 | ) | $ | 69,622 | $ | 72,953 | $ | 11,249 | $ | (92,308 | ) | ||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Fixed Charges | |||||||||||||||||||
Interest expensed | $ | 29,479 | $ | 51,097 | $ | 21,140 | $ | 18,981 | $ | 16,415 | $ | 15,366 | |||||||
Amortization of debt issuance costs | 2,111 | 3,780 | 1,626 | 1,528 | 2,023 | 1,646 | |||||||||||||
Estimated portion of rental expense attributable to interest | 118 | 231 | 148 | 134 | 112 | 59 | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total fixed charges | $ | 31,708 | $ | 55,108 | $ | 22,914 | $ | 20,643 | $ | 18,550 | $ | 17,071 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Earnings available for fixed charges | $ | 16,361 | $ | 20,787 | $ | 92,536 | $ | 93,596 | $ | 29,799 | $ | (75,237 | ) | ||||||
| | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | (3 | ) | (1 | ) | 4.04x | 4.53x | 1.61x | (2 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total fixed charges | $ | 31,708 | $ | 55,108 | $ | 22,914 | $ | 20,643 | $ | 18,550 | $ | 17,071 | |||||||
Preferred distributions | 2,194 | — | — | — | — | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total fixed charges including preferred distributions | $ | 33,902 | $ | 55,108 | $ | 22,914 | $ | 20,643 | $ | 18,550 | $ | 17,071 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred distributions | (4 | ) | (1 | ) | 4.04x | 4.53x | 1.61x | (2 | ) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
- (1)
- Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $34.321 million. No preferred distributions were paid during this period.
- (2)
- Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $92.308 million. No preferred distributions were paid during this period.
- (3)
- Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $15.347 million.
- (4)
- Earnings were insufficient to cover fixed charges and preferred distributions, and fixed charges and preferred distributions exceeded earnings by approximately $17.541 million.
Legacy Reserves LP Computation of Ratios of Earnings to Fixed Charges and Preferred Securities Distributions (in thousands, except ratios)