EXHIBIT 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
Atlas Resource Partners, L.P.
(UNAUDITED)
(amounts in thousands except ratios)
| Three Months Ended March 31, 2013 | Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | $ | (5,377 | ) | $ | (51,902 | ) | $ | 19,899 | $ | 9,281 | $ | (54,329 | ) | $ | 131,687 | |||||||||
Fixed charges | 11,387 | 7,882 | 632 | 472 | 469 | 323 | ||||||||||||||||||
Income from equity investee | — | — | — | — | — | — | ||||||||||||||||||
Interest capitalized | (3,447 | ) | (2,338 | ) | — | — | — | — | ||||||||||||||||
Amortization of previously capitalized interest | 91 | 223 | — | — | — | — | ||||||||||||||||||
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Total | 2,654 | (46,135 | ) | 20,531 | 9,753 | (53,860 | ) | 132,010 | ||||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest cost, excluding addback of capitalized interest, and debt expense | 6,889 | 4,195 | — | — | — | — | ||||||||||||||||||
Interest capitalized | 3,447 | 2,338 | — | — | — | — | ||||||||||||||||||
Interest allocable to rental expense (1) | 1,051 | 1,349 | 632 | 472 | 469 | 323 | ||||||||||||||||||
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Total Fixed Charges | 11,387 | 7,882 | 632 | 472 | 469 | 323 | ||||||||||||||||||
Preferred dividends | 1,957 | 3,493 | — | — | — | — | ||||||||||||||||||
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Total Fixed Charges and Preferred Dividends | $ | 13,344.00 | $ | 11,375.00 | $ | 631.95 | $ | 471.57 | $ | 468.93 | $ | 323.40 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 0.23 | (2 | ) | 32.49 | 20.68 | (4 | ) | 408.20 | ||||||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Dividends | 0.20 | (2 | ) | (3 | ) | (3 | ) | (3 | ) | (3 | ) | |||||||||||||
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| (1) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (2) | Our earning were insufficient to cover our fixed charges by $54.0 million for this period. |
| (3) | We did not have any preferred securities outstanding as of these periods. |
| (4) | Our earnings were insufficient to cover our fixed charges by $54.3 million for this period. |