Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Niska |
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| Predecessor |
| Niska |
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| Year Ended March 31, |
| Six Months |
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| 2010 |
| 2011 (1) |
| 2012 |
| 2013 |
| 2014 |
| 2014 |
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Earnings: |
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Net earnings (loss) before income taxes |
| $ | 121,149 |
| $ | 27,403 |
| $ | (185,459 | ) | $ | (62,543 | ) | $ | (19,213 | ) | $ | (64,043 | ) |
Less: capitalized interest |
| (574 | ) | (2,018 | ) | (4,077 | ) | (2,928 | ) | — |
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Total earnings (loss) |
| 120,575 |
| 25,385 |
| (189,536 | ) | (65,471 | ) | (19,213 | ) | (64,043 | ) | ||||||
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Fixed Charges: |
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Interest and debt expense |
| $ | 38,119 |
| $ | 77,007 |
| $ | 74,630 |
| $ | 67,010 |
| $ | 66,315 |
| $ | 25,047 |
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Capitalized interest |
| 574 |
| 2,018 |
| 4,077 |
| 2,928 |
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Portion of rentals representing an interest factor |
| 653 |
| 1,079 |
| 4,957 |
| 3,742 |
| 3,980 |
| 2,114 |
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Total fixed charges |
| 39,346 |
| 80,104 |
| 83,664 |
| 73,680 |
| 70,295 |
| 27,161 |
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Earnings (deficit) available for (applied to) fixed charges |
| 159,921 |
| 105,489 |
| (105,872 | ) | 8,209 |
| 51,082 |
| (36,882 | ) | ||||||
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Ratio of earnings to fixed charges |
| 4.1x |
| 1.3x |
| -1.3x |
| 0.1x |
| 0.7x |
| -1.4x |
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Dollar amount (in thousands) of deficiency in earnings to fixed charges |
| — |
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| (105,872 | ) | — |
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| (36,882 | ) | ||||||
(1) Represents data from Niska Predecessor for the period from April 1, 2010 to May 16, 2010 and data from Niska for the period from May 17, 2010 to March 31, 2011.