Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Resource Partners, L.P.
(amounts in thousands, except ratios)
| Six Months Ended |
| |||||
| 2014 |
|
| 2013 |
| ||
Earnings: |
|
|
|
|
|
|
|
Net loss(1) | $ | (31,282 | ) |
| $ | (11,553 | ) |
Fixed Charges |
| 34,825 |
|
|
| 20,395 |
|
Equity income in unconsolidated company |
| — |
|
|
| — |
|
Interest capitalized |
| (5,701 | ) |
|
| (6,873 | ) |
Amortization of previously capitalized interest |
| 1,510 |
|
|
| 234 |
|
Total |
| (648 | ) |
|
| 2,203 |
|
Fixed Charges: |
|
|
|
|
|
|
|
Interest cost and debt expense |
| 26,451 |
|
|
| 11,397 |
|
Interest capitalized |
| 5,701 |
|
|
| 6,873 |
|
Interest allocable to rental expense(2) |
| 2,673 |
|
|
| 2,125 |
|
Total Fixed Charges | $ | 34,825 |
|
| $ | 20,395 |
|
Preferred limited partner dividends |
| 8,823 |
|
|
| 4,028 |
|
Total Fixed Charges and Preferred Dividends | $ | 43,648 |
|
| $ | 24,423 |
|
Ratio of Earnings to Fixed Charges(3) |
| — |
|
|
| 0.11x |
|
Ratio of Earnings to Fixed Charges and Preferred Dividends(3) |
| — |
|
|
| 0.09x |
|
(1) | Includes loss on asset sales and disposal of $1.6 million and $1.4 million for the six months ended June 30, 2014 and 2013, 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 six months ended June 30, 2014, its earnings were insufficient to cover its fixed charges by $0.6 million. |