Exhibit 12.1
Legacy Reserves LP
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratios)
|
| Years Ended December 31, |
| |||||||||||||
|
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |||||
Income (loss) before income taxes |
| $ | (34,623 | ) | $ | 69,733 |
| $ | 73,091 |
| $ | 11,346 |
| $ | (92,277 | ) |
Equity in (income) loss of equity method investee |
| (559 | ) | (111 | ) | (138 | ) | (97 | ) | (31 | ) | |||||
Distributed income of equity method investee |
| 861 |
| — |
| — |
| — |
| — |
| |||||
Income (loss) from operations before income taxes |
| $ | (34,321 | ) | $ | 69,622 |
| $ | 72,953 |
| $ | 11,249 |
| $ | (92,308 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expensed |
| $ | 51,097 |
| $ | 21,140 |
| $ | 18,981 |
| $ | 16,415 |
| $ | 15,366 |
|
Amortization of debt issuance costs |
| 3,780 |
| 1,626 |
| 1,528 |
| 2,023 |
| 1,646 |
| |||||
Estimated portion of rental expense attributable to interest |
| 231 |
| 148 |
| 134 |
| 112 |
| 59 |
| |||||
Total fixed charges |
| $ | 55,108 |
| $ | 22,914 |
| $ | 20,643 |
| $ | 18,550 |
| $ | 17,071 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings available for fixed charges |
| $ | 20,787 |
| $ | 92,536 |
| $ | 93,596 |
| $ | 29,799 |
| $ | (75,237 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges |
| (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
(2) Earnings were insufficient to cover fixed charges, and fixed charges exceeded earnings by approximately $92.308 million
