EX-12.1 3 d426236dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollar Amounts in Thousands)

 

     For the three
months ended
March 31,		     For the Year Ended December 31,  
     2017     2016     2015     2014     2013     2012  

Fixed Charges:

             

Interest expense

    $ 665     $ 11,871     $ 21,111     $ 9,772     $ 6,094     $ 9,108  

Capitalized interest

      6,544       19,857       10,459       4,295       4,410       2,109  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      7,209       31,728       31,570       14,067       10,504       11,217  

Preferred stock dividends

      1,842       7,294       9,756       12,731       7,977       —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred stock dividends

      9,051       39,022       41,326       26,798       18,481       11,217  

Earnings:

             

Income (loss) before income taxes

    $ 47,595     $ (91,827 )    $ (201,665 )    $ 60,900     $ 7,391     $ 4,744  

Distributed income from Medusa Spar LLC

      —         —         —         —         813       1,735  

Fixed Charges

      7,209       31,728       31,570       14,067       10,504       11,217  

Less:

             

Capitalized interest

      (6,544 )      (19,857 )      (10,459 )      (4,295 )      (4,410 )      (2,109 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 48,260     $ (79,956 )    $ (180,554 )    $ 70,672     $ 14,298     $ 15,587  

Ratio of earnings to fixed charges(a)

      6.69       (b )      (c )      5.02       1.36       1.39  

Ratio of earnings to combined fixed charges and preferred stock dividends

      5.33       (b )      (c )      2.64       0.77       1.39  

 

(a) The ratio of earnings to fixed charges has been computed by dividing earnings available for fixed charges (earnings before income taxes plus fixed charges) by fixed charges (interest expense plus capitalized interest).
(b) For the year ended December 31, 2016, we recorded a $95.8 million ceiling test write-down of our oil and gas properties. As a result, earnings in 2016 were insufficient by $111.7 million to cover fixed charges, and by $119.0 million to cover fixed charges plus preferred stock dividends.
(c) For the year ended December 31, 2015, we recorded a $208.4 million ceiling test write-down of our oil and gas properties. As a result, earnings in 2015 were insufficient by $212.1 million to cover fixed charges, and by $221.9 million to cover fixed charges plus preferred stock dividends.