Titan Energy Inactive 10-K2014 FY Annual report

Filed: 2 Mar 15, 12:00am

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EXHIBIT 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

(UNAUDITED)

Atlas Resource Partners, L.P.

(amounts in thousands except ratios)

	Years Ended December 31,
	2014			2013			2012			2011		2010
Earnings:
Net income (loss)⁽¹⁾	$	(610,958	)	$	(91,245	)	$	(51,902	)	$	19,899	$	9,281
Fixed Charges		80,609			52,813			7,882			632		472
Equity income in unconsolidated company		—			—			—			—		—
Interest capitalized		(12,967	)		(14,174	)		(2,338	)		—		—
Amortization of previously capitalized interest		3,169			1,687			223			—		—
Total		(540,147	)		(50,919	)	$	(46,135	)	$	20,531	$	9,753
Fixed Charges:
Interest cost and debt expense		62,144			34,324			4,195			—		—
Interest capitalized		12,967			14,174			2,338			—		—
Interest allocable to rental expense⁽²⁾		5,498			4,315			1,349			632		472
Total Fixed Charges⁽³⁾	$	80,609		$	52,813		$	7,882		$	632	$	472
Preferred limited partner dividends		19,267			12,677			3,493			—		—
Total Fixed Charges and Preferred Dividends⁽³⁾	$	99,876		$	65,490		$	11,375		$	632	$	472
Ratio of Earnings to Fixed Charges⁽³⁾		—			—			—			32.49x		20.68x
Ratio of Earnings to Fixed Charges and Preferred Dividends⁽³⁾		—			—			—			32.49x		20.68x

(1)	Includes asset impairment charges of $573.8 million, $38.0 million, $9.5 million, $7.0 million, and $50.7 million during the years ended December 31, 2014, 2013, 2012, 2011, and 2010, 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, 2014, 2013, and 2012, its earnings were insufficient to cover its fixed charges by $620.8 million, $103.7 million, and $54.0 million, respectively. Due to the Partnership’s net loss for the years ended December 31, 2014, 2013, and 2012, its earnings were insufficient to cover its fixed charges and preferred dividends by $640.0 million, $116.4 million, and $57.5 million, respectively. There were no preferred limited partner dividends for the year ended December 31, 2011 and 2010.