EX-12.1 2 ren-ex121_12.htm EX-12.1 ren-ex121_12.htm

Exhibit 12.1

Computation of Ratio of Earning to Fixed Charges and Preferred Stock Dividends

Resolute Energy Corporation

Ratio of Earning to Fixed Charges and Preferred Stock Dividends

(in thousands)

 

  

 

Years Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

(1,526

)

 

 

(161,631

)

 

 

(764,633

)

 

 

(25,990

)

 

 

(178,485

)

Fixed charges, excluding capitalized interest

 

 

46,077

 

 

 

53,534

 

 

 

67,384

 

 

 

35,845

 

 

 

33,499

 

Earnings

 

 

44,551

 

 

 

(108,097

)

 

 

(697,249

)

 

 

9,855

 

 

 

(144,986

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including capitalized interest

 

 

59,291

 

 

 

54,813

 

 

 

70,345

 

 

 

46,429

 

 

 

47,832

 

Estimate of interest within rental expense

 

 

2,628

 

 

 

2,851

 

 

 

3,026

 

 

 

4,356

 

 

 

4,198

 

Fixed charges

 

 

61,919

 

 

 

57,664

 

 

 

73,371

 

 

 

50,785

 

 

 

52,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends (a)

 

 

6,475

 

 

 

1,184

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred

   stock dividends

 

(b)

 

 

(b)

 

 

(b)

 

 

(b)

 

 

(b)

 

 

 

 

(a)

The amounts disclosed herein for preferred stock dividends represent declared as of December 31, 2017 and accumulated but not yet declared dividends as of December 31, 2016.

(b)

Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency was $23.8 million, $166.9 million, $770.6 million, $40.9 million and $197 million for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, respectively.