EXHIBIT 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Resource Partners, L.P.
(amounts in thousands except ratios)
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Net income (loss)(1) | $ | (51,902 | ) | $ | 19,899 | $ | 9,281 | $ | (54,329 | ) | $ | 131,687 | ||||||||
Fixed Charges | 11,375 | 632 | 472 | 469 | 323 | |||||||||||||||
Equity income in unconsolidated company | — | — | — | — | — | |||||||||||||||
Interest capitalized | (2,338 | ) | — | — | — | — | ||||||||||||||
Amortization of previously capitalized interest | 223 | — | — | — | — | |||||||||||||||
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Total | (42,642 | ) | $ | 20,531 | $ | 9,753 | $ | (53,860 | ) | $ | 132,010 | |||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest cost and debt expense | 4,195 | — | — | — | — | |||||||||||||||
Interest capitalized | 2,338 | — | — | — | — | |||||||||||||||
Preferred dividends | 3,493 | — | — | — | — | |||||||||||||||
Interest allocable to rental expense(2) | 1,349 | 632 | 472 | 469 | 323 | |||||||||||||||
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Total(3) | $ | 11,375 | $ | 632 | $ | 472 | $ | 469 | $ | 323 | ||||||||||
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Ratio of Earnings to Fixed Charges | — | 32.49x | 20.68x | — | 408.20x | |||||||||||||||
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(1) | Includes asset impairment charges of $9.5 million, $7.0 million, $50.7 million and $156.4 million during the years ended December 31, 2012, 2011, 2010 and 2009, respectively. |
(2) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
(3) | Due to the Partnership’s net loss for the years ended December 31, 2012 and December 31, 2009, its earnings were insufficient to cover its fixed charges by $54.0 million and $54.3 million. |