EX-12.1 2 arp-ex121_201409306.htm EX-12.1

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

(UNAUDITED)

Atlas Resource Partners, L.P.

(amounts in thousands, except ratios)

 

 

Nine Months Ended
September 30,

 

 

2014

 

  

2013

 

Earnings:

 

 

 

  

 

 

 

Net loss(1)

$

(30,207

)

  

$

(51,250

)

Fixed Charges

 

56,616

 

  

 

35,905

 

Interest capitalized

 

(9,374

)

  

 

(10,484

)

Amortization of previously capitalized interest

 

3,114

 

  

 

606

  

Total

 

20,149

 

  

 

(25,223

)  

Fixed Charges:

 

 

 

  

 

 

 

Interest cost and debt expense

 

43,028

 

  

 

22,145

  

Interest capitalized

 

9,374

 

  

 

10,484

  

Interest allocable to rental expense(2)

 

4,214

 

  

 

3,276

  

Total Fixed Charges

$

56,616

 

  

$

35,905

  

Preferred limited partner dividends

 

13,298

 

  

 

8,277

  

Total Fixed Charges and Preferred Dividends

$

69,914

 

  

$

44,182

  

Ratio of Earnings to Fixed Charges(3)

 

0.36

 

  

 

—

  

Ratio of Earnings to Fixed Charges and Preferred Dividends(3)

 

0.29

 

  

 

—

  

 

(1)

Includes loss on asset sales and disposal of $1.7 million and $2.0 million for the nine months ended September 30, 2014 and 2013, respectively.

(2)

Represents one-third of the total operating lease rental expense which is that portion deemed to be interest.

(3)

Due to the Partnership’s net loss for the nine months ended September 30, 2013, its earnings were insufficient to cover its fixed charges by $61.1 million. Its earnings were also insufficient to cover its fixed charges and preferred dividends by $69.4 million for the nine months ended September 30, 2013.