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. |