Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, | Year ended December 31, | September 1 through December 31 | January 1 through August 31 | Year ended December 31, | ||||||||||||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Loss before income taxes | $ | (31,761 | ) | $ | (56,699 | ) | $ | (47,496 | ) | $ | (79,173 | ) | $ | (11,596 | ) | $ | (177,033 | ) | $ | (487,531 | ) | |||||||||||||||
Add back | ||||||||||||||||||||||||||||||||||||
Interest expense and financing costs, net | 10,719 | 19,783 | 17,995 | 13,285 | 1,056 | 6,582 | 32,324 | |||||||||||||||||||||||||||||
Estimate of interest component of rental expense (1) | 2,989 | 5,841 | 9,966 | 2,046 | 20 | 13 | 363 | |||||||||||||||||||||||||||||
Equity losses (earnings) from Laramie Energy, LLC | 18,818 | 55,983 | (2,849 | ) | 2,941 | 1,325 | 20 | (344 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Earnings | $ | 765 | $ | 24,908 | $ | (22,384 | ) | $ | (60,901 | ) | $ | (9,195 | ) | $ | (170,418 | ) | $ | (455,188 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||||||||||
Interest expense and financing costs, net | 10,719 | 19,783 | 17,995 | 13,285 | 1,056 | 6,582 | 32,324 | |||||||||||||||||||||||||||||
Estimate of interest component of rental expense | 2,989 | 5,841 | 9,966 | 2,046 | 20 | — | 363 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total Fixed charges | $ | 13,708 | $ | 25,624 | $ | 27,961 | $ | 15,331 | $ | 1,076 | $ | 6,582 | $ | 32,687 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Ratio of earnings to fixed charges | NA | (2) | NA | (2) | NA | (2) | NA | (2) | NA | (2) | NA | (2) | NA | (2) | ||||||||||||||||||||||
Amount by which fixed charges exceed earnings | (12,943 | ) | (716 | ) | (50,345 | ) | (76,232 | ) | (10,271 | ) | (177,000 | ) | (487,875 | ) | ||||||||||||||||||||||
| (1) | Consists of 33% of rental expense, which we believe to be a reasonable estimate of interest factor in our rental expense. |
| (2) | Earnings were inadequate to cover fixed charges for the respective period. |