EXHIBIT 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Resource Partners, L.P.
(amounts in thousands except ratios)
|
| Three Months Ended |
| |||||
|
| 2014 |
|
| 2013 |
| ||
Earnings: |
|
|
|
|
|
|
|
|
Net loss(1) |
| $ | (10,761 | ) |
| $ | (5,377 | ) |
Fixed Charges |
|
| 17,152 |
|
|
| 11,387 |
|
Equity income in unconsolidated company |
|
| — |
|
|
| — |
|
Interest capitalized |
|
| (2,648 | ) |
|
| (3,447 | ) |
Amortization of previously capitalized interest |
|
| 443 |
|
|
| 91 |
|
Total |
|
| 4,186 |
|
|
| 2,654 |
|
Fixed Charges: |
|
|
|
|
|
|
|
|
Interest cost and debt expense |
|
| 13,188 |
|
|
| 6,889 |
|
Interest capitalized |
|
| 2,648 |
|
|
| 3,447 |
|
Interest allocable to rental expense(2) |
|
| 1,316 |
|
|
| 1,051 |
|
Total Fixed Charges |
| $ | 17,152 |
|
| $ | 11,387 |
|
Preferred limited partner dividends |
|
| 4,399 |
|
|
| 1,957 |
|
Total Fixed Charges and Preferred Dividends |
| $ | 21,551 |
|
| $ | 13,344 |
|
Ratio of Earnings to Fixed Charges |
|
| 0.24x |
|
|
| 0.23x |
|
Ratio of Earnings to Fixed Charges and Preferred Dividends |
|
| 0.19x |
|
|
| 0.20x |
|
(1) | Includes loss on asset sales and disposal of $1.6 million and $0.7 million for the three months ended March 31, 2014 and 2013, respectively. |
(2) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |