EX-12.1 5 exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
ABRAXAS PETROLEUM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
 
Year Ended December 31,
Three Months Ended
March 31, 2016
 
2011
2012
2013
2014
2015
Earnings available before fixed charges: 
 
 
 
 
 
 
Income (loss) before income taxes (1)
$
13,666

$
(18,481
)
$
46,841

$
61,951

$
(127,090
)
$
(40,880
)
Interest expense, net
4,891

5,516

4,563

2,568

3,904

1,238

Deferred financing fees
1,762

937

1,367

934

643

164

Earnings available
$
20,319

$
(12,028
)
$
52,771

$
65,453

$
(122,543
)
$
(39,478
)
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
Interest expense, net
$
4,891

$
5,516

$
4,563

$
2,568

$
3,904

$
1,238

Deferred financing fees
1,762

937

1,367

934

643

164

Fixed charges
$
6,653

$
6,453

$
5,930

$
3,502

$
4,547

$
1,402

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
3.05x

(2)

8.90x

18.69x

(2)

(2)


Our earnings were inadequate to cover fixed charges in 2012 and 2015 by $18.5 million and $127.1 million, respectively, and for the three months ended March 31, 2016 by $40.9 million.
___________
(1)    From continuing operations
(2)    Earnings inadequate to cover fixed charges.