EXHIBIT 12.1
GOTHIC PRODUCTION CORPORATION
SELECTED HISTORICAL AND PRO FORMA FINANCIAL DATA
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands)
YEARS ENDED DECEMBER 31,
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HISTORICAL PRO FORMA
--------------------- ------------------------
1996 1997 1997
------- ------- ------------------------
Gothic Company
-------- --------
Loss before income taxes
and extraordinary item $(4,508) $(3,677) $(11,529) $ (2,934)
Add:
Interest on indebtedness 1,460 6,996 25,850 25,850
Non cash interest on indebtedness --- --- 8,400 ---
Amortization of debt
discount and financing
costs 69 1,804 1,631 1,436
-------- -------- --------- ---------
Income as adjusted (2,979) 5,123 24,352 24,352
Fixed Charges:
Interest on indebtedness 1,460 6,996 25,850 25,850
Non cash interest on indebtedness --- --- 8,400 ---
Amortization of debt
discount and financing
costs 69 1,804 1,631 1,436
Preferred dividends 1,173 264 7,886 ---
-------- -------- --------- ---------
$ 2,702 $9,064 $ 43,767 $ 27,286
Ratio of earnings to fixed
charges --- 0.6 0.6 0.9
======== ======== ========= =========
Insufficiency of earnings to
cover fixed charges $(5,681) $(3,941) $(19,415) $(2,934)
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THREE MONTHS ENDED MARCH 31,
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HISTORICAL PRO FORMA
--------------------- ------------------------
1997 1998 1998
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Gothic Company
-------- --------
Income (loss) before income taxes
and extraordinary item $ 528 $(4,051) $ (5,227) $(3,042)
Add:
Interest on indebtedness 806 7,113 6,536 6,536
Interest income (17) (166) (166) (166)
Loss on sale of investments --- 265 265 265
Non cash interest on indebtedness --- --- 2,185 ---
Amortization of debt
discount and financing
costs 380 920 359 359
-------- -------- --------- ---------
Income as adjusted 1,697 4,081 3,952 3,952
Fixed Charges:
Interest on indebtedness 806 7,113 6,536 6,536
Interest income (17) (166) (166) (166)
Loss on sale of investments --- 265 265 265
Non cash interest on indebtedness --- --- 2,185 ---
Amortization of debt
discount and financing
costs 380 920 359 359
Preferred dividends 104 974 1,906 ---
-------- -------- --------- ---------
$ 1,273 $9,106 $ 11,085 $ 6,994
Ratio of earnings to fixed
charges 1.3 0.5 0.4 0.6
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Insufficiency of earnings to
cover fixed charges $ --- $(5,025) $ (7,133) $(3,042)
======== ======== ========= =========