Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - Emerald Oil, Inc. | Financial_Report.xls |
| EX-31.2 - EXHIBIT 31.2 - Emerald Oil, Inc. | v403910_ex31-2.htm |
| EX-32.1 - EXHIBIT 32.1 - Emerald Oil, Inc. | v403910_ex32-1.htm |
| EX-21.1 - EXHIBIT 21.1 - Emerald Oil, Inc. | v403910_ex21-1.htm |
| EX-23.1 - EXHIBIT 23.1 - Emerald Oil, Inc. | v403910_ex23-1.htm |
| EX-32.2 - EXHIBIT 32.2 - Emerald Oil, Inc. | v403910_ex32-2.htm |
| EX-99.1 - EXHIBIT 99.1 - Emerald Oil, Inc. | v403910_ex99-1.htm |
| EX-23.2 - EXHIBIT 23.2 - Emerald Oil, Inc. | v403910_ex23-2.htm |
| EX-31.1 - EXHIBIT 31.1 - Emerald Oil, Inc. | v403910_ex31-1.htm |
| 10-K - 10-K - Emerald Oil, Inc. | v403910_10k.htm |
EXHIBIT 12.1
EMERALD OIL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Net loss before income taxes | $ | (4,268,569 | ) | $ | (1,345,054 | ) | $ | (62,296,099 | ) | $ | (10,882,895 | ) | $ | (52,145,225 | ) | |||||
| Add: Income taxes | 65,240 | — | — | — | — | |||||||||||||||
| Add: Fixed charges | 630,603 | 2,037,552 | 2,623,122 | 323,282 | 4,708,530 | |||||||||||||||
| Total earnings | (3,572,726 | ) | 692,498 | (59,672,978 | ) | (10,559,613 | ) | (47,436,695 | ) | |||||||||||
| Fixed charges | ||||||||||||||||||||
| Interest expense | 629,026 | 2,036,032 | 2,614,240 | 287,934 | 4,675,475 | |||||||||||||||
| Rental expense attributable to interest | 1,577 | 1,520 | 8,882 | 35,348 | 33,055 | |||||||||||||||
| Total fixed charges | 630,603 | 2,037,552 | 2,623,122 | 323,282 | 4,708,530 | |||||||||||||||
| Ratio of earnings to fixed charges | — | (2) | 0.34 | — | (2) | — | (2) | — | (2) | |||||||||||
| Deficiency ($) | $ | 4,203,329 | $ | 1,345,054 | $ | 62,296,099 | $ | 10,882,895 | $ | 52,145,225 | ||||||||||
| Preferred stock dividends (1) | — | — | — | 20,279,197 | — | |||||||||||||||
| Ratio of earnings to fixed charges plus preferred stock dividends (1) | — | — | — | — | (2) | — | ||||||||||||||
| Deficiency ($) | $ | 31,162,092 | ||||||||||||||||||
| (1) | For the purposes of determining the ratio of earnings to fixed charges and the ratio of earnings to fixed charges plus preferred stock dividends, earnings are defined as net income before income taxes, amortization of capitalized interest, rent expense, and interest expense. Fixed charges consist of interest expense and rent expense attributable to interest. Preferred stock dividends are dividends paid on our Series A Perpetual Preferred Stock issued on February 19, 2013, the remaining shares of which were redeemed in full on October 15, 2013. Earnings were insufficient to cover the fixed charges plus preferred stock dividends by approximately $31.1 million for the year ended December 31, 2013. |
| (2) | Earnings were insufficient to cover fixed charges. |