Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Successor | Predecessor | |||||||||||||||||||||||||||||
| Three Months Ended March 31, | Year ended December 31, | September 1 through December 31 | January 1 through August 31 | Year ended December 31, | ||||||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 527 | $ | (47,496 | ) | $ | (79,173 | ) | $ | (11,596 | ) | $ | (177,033 | ) | $ | (487,531 | ) | $ | (104,131 | ) | ||||||||||
Add back | ||||||||||||||||||||||||||||||
Interest expense and financing costs, net | 5,557 | 19,783 | 19,426 | 1,056 | 6,582 | 32,324 | 30,168 | |||||||||||||||||||||||
Estimate of interest component of rental expense (1) | 2,402 | 9,966 | 2,046 | 20 | 13 | 363 | 561 | |||||||||||||||||||||||
Equity losses from Piceance Energy, LLC | 1,826 | (2,849 | ) | 2,941 | 1,325 | 20 | (344 | ) | (1,738 | ) | ||||||||||||||||||||
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Earnings | 10,312 | $ | (20,596 | ) | $ | (54,760 | ) | $ | (9,195 | ) | $ | (170,418 | ) | $ | (455,188 | ) | $ | (75,140 | ) | |||||||||||
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Fixed charges | ||||||||||||||||||||||||||||||
Interest expense and financing costs, net | 5,557 | 19,783 | 19,426 | 1,056 | 6,582 | 32,324 | 30,168 | |||||||||||||||||||||||
Estimate of interest component of rental expense | 2,402 | 9,966 | 2,046 | 20 | — | 363 | 561 | |||||||||||||||||||||||
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Total Fixed charges | 7,959 | $ | 29,749 | $ | 21,472 | $ | 1,076 | $ | 6,582 | $ | 32,687 | $ | 30,729 | |||||||||||||||||
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Ratio of earnings to fixed charges (1) | 1.3 | NA | (1) | NA | (1) | NA | (1) | NA | (1) | NA | (1) | NA | (1) | |||||||||||||||||
Amount by which fixed charges exceed earnings | — | (50,345 | ) | (76,232 | ) | (10,271 | ) | (177,000 | ) | (487,875 | ) | (105,869 | ) | |||||||||||||||||
| (1) | Consists of 33% of rental expense, which we believe to be a reasonable estimate of interest factor in our rental expense. |