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 September 30, |
|
| |||||
|
| 2015 |
|
| 2014 |
|
| ||
Earnings: |
|
|
|
|
|
|
|
|
|
Net loss(1) |
| $ | (520,092 | ) |
| $ | (27,558 | ) |
|
Fixed Charges |
|
| 91,064 |
|
|
| 56,679 |
|
|
Equity income in unconsolidated company |
|
| — |
|
|
| — |
|
|
Interest capitalized |
|
| (11,954 | ) |
|
| (9,374 | ) |
|
Amortization of previously capitalized interest |
|
| 1,994 |
|
|
| 1,633 |
|
|
Total |
|
| (438,988 | ) |
|
| 21,380 |
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
Interest cost and debt expense |
|
| 75,105 |
|
|
| 43,028 |
|
|
Interest capitalized |
|
| 11,954 |
|
|
| 9,374 |
|
|
Interest allocable to rental expense(2) |
|
| 4,005 |
|
|
| 4,277 |
|
|
Total Fixed Charges(3) |
| $ | 91,064 |
|
| $ | 56,679 |
|
|
Preferred limited partner dividends |
|
| 12,179 |
|
|
| 13,298 |
|
|
Total Fixed Charges and Preferred Dividends(3) |
| $ | 103,243 |
|
| $ | 69,977 |
|
|
Ratio of Earnings to Fixed Charges |
|
| — |
|
|
| 0.38X |
|
|
Ratio of Earnings to Fixed Charges and Preferred Dividends |
|
| — |
|
|
| 0.31X |
|
|
(1) | Includes gains on mark-to-market derivatives of $209.7 million for the nine months ended September 30, 2015, asset impairment charges of $672.2 million for the nine months ended September 30, 2015, and losses on asset sales and disposal of approximately $0.3 million and $1.7 million for the nine months ended September 30, 2015 and 2014, 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, 2015, its earnings were insufficient to cover its fixed charges by $530.1 million. Due to the Partnership’s net loss for the nine months ended September 30, 2015, its earnings were insufficient to cover its fixed charges and preferred dividend by $542.2 million. |