Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(UNAUDITED)
Atlas Resource Partners, L.P.
(amounts in thousands, except ratios)
| Nine Months Ended |
| |||||
| 2014 |
|
| 2013 |
| ||
Earnings: |
|
|
|
|
|
|
|
Net loss(1) | $ | (30,207 | ) |
| $ | (51,250 | ) |
Fixed Charges |
| 56,616 |
|
|
| 35,905 |
|
Interest capitalized |
| (9,374 | ) |
|
| (10,484 | ) |
Amortization of previously capitalized interest |
| 3,114 |
|
|
| 606 |
|
Total |
| 20,149 |
|
|
| (25,223 | ) |
Fixed Charges: |
|
|
|
|
|
|
|
Interest cost and debt expense |
| 43,028 |
|
|
| 22,145 |
|
Interest capitalized |
| 9,374 |
|
|
| 10,484 |
|
Interest allocable to rental expense(2) |
| 4,214 |
|
|
| 3,276 |
|
Total Fixed Charges | $ | 56,616 |
|
| $ | 35,905 |
|
Preferred limited partner dividends |
| 13,298 |
|
|
| 8,277 |
|
Total Fixed Charges and Preferred Dividends | $ | 69,914 |
|
| $ | 44,182 |
|
Ratio of Earnings to Fixed Charges(3) |
| 0.36 |
|
|
| — |
|
Ratio of Earnings to Fixed Charges and Preferred Dividends(3) |
| 0.29 |
|
|
| — |
|
(1) | Includes loss on asset sales and disposal of $1.7 million and $2.0 million for the nine months ended September 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 nine months ended September 30, 2013, its earnings were insufficient to cover its fixed charges by $61.1 million. Its earnings were also insufficient to cover its fixed charges and preferred dividends by $69.4 million for the nine months ended September 30, 2013. |