PHX Minerals (PHX) 10-K2018 FY Annual report

Filed: 11 Dec 18, 5:19pm

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EXHIBIT 12.1

Statement Computation Ratio Earnings to Fixed Charges

PANHANDLE OIL AND GAS INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Fiscal Year Ended September 30,
	2014			2015			2016			2017			2018
Earnings
Income (loss) before income taxes		36,821,462			14,157,341			(17,997,884	)		4,220,933			1,896,669
Fixed charges		670,117			1,820,605			1,491,513			1,565,118			2,039,453
Amortization of capitalized interest		68,245			76,270			71,136			80,857			81,674
Interest capitalized		(172,499	)		(148,493	)		(24,929	)		(168,351	)		(89,023	)
Total Earnings		37,387,325			15,905,723			(16,460,164	)		5,698,557			3,928,773

Fixed Charges
Interest expensed		462,296			1,550,483			1,344,619			1,275,138			1,748,101
Interest capitalized		172,499			148,493			24,929			168,351			89,023
Amortization of capitalized expenses related to debt		35,322			121,629			121,965			121,629			202,329
Total Fixed charges		670,117			1,820,605			1,491,513			1,565,118			2,039,453



Ratio of Earnings to Fixed Charges		55.79			8.74		- (1)				3.64			1.93

(1)

For the fiscal year ended September 30, 2016, our earnings were insufficient to cover our fixed charges by $14,968,651.