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, 2013 | Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss)(1) | $ | (51,250 | ) | $ | (51,902 | ) | $ | 19,899 | $ | 9,281 | $ | (54,329 | ) | $ | 131,687 | |||||||||
Fixed Charges | 35,905 | 11,375 | 632 | 472 | 469 | 323 | ||||||||||||||||||
Interest capitalized | (10,484 | ) | (2,338 | ) | — | — | — | — | ||||||||||||||||
Amortization of previously capitalized interest | 606 | 223 | — | — | — | — | ||||||||||||||||||
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Total | (25,223 | ) | (42,642 | ) | $ | 20,531 | $ | 9,753 | $ | (53,860 | ) | $ | 132,010 | |||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest cost and debt expense | 22,145 | 4,195 | — | — | — | — | ||||||||||||||||||
Interest capitalized | 10,484 | 2,338 | — | — | — | — | ||||||||||||||||||
Interest allocable to rental expense(2) | 1,349 | 1,349 | 632 | 472 | 469 | 323 | ||||||||||||||||||
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Total fixed charges | $ | 35,905 | $ | 7,882 | $ | 632 | $ | 472 | $ | 469 | $ | 323 | ||||||||||||
Preferred dividends | 8,277 | 3,493 | — | — | — | — | ||||||||||||||||||
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Total fixed charges and preferred dividends(3) | $ | 44,182 | $ | 11,375 | $ | 632 | $ | 472 | $ | 469 | $ | 323 | ||||||||||||
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Ratio of Earnings to Fixed Charges | — | | — | | 32.49 | x | 20.68 | x | — | 408.20 | x | |||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Dividends | — | | — | | 32.49 | x | 20.68 | x | — | 408.20 | x | |||||||||||||
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| (1) | Includes asset impairment charges of $9.5 million, $7.0 million, $50.7 million and $156.4 million during the years ended December 31, 2012, 2011, 2010 and 2009, respectively. |
| (2) | Represents one-third of the total operating lease rental expense which is that portion deemed to be interest. |
| (3) | Our earnings were insufficient to cover its fixed charges and preferred dividends by $69.4 million for the nine months ended September 30, 2013 and by $54.0 million and $54.3 million for the years ended December 31, 2012 and December 31, 2009, respectively. |