Gastar Exploration Inc. - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 12, 2015

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Gastar Exploration Inc.Financial_Report.xls
EX-23.2 - CONSENT OF WRIGHT & COMPANY, INC. - Gastar Exploration Inc.gst-20141231xexhibit232.htm
EX-21.1 - SUBSIDIARIES - Gastar Exploration Inc.gst-20141231xexhibit211.htm
EX-99.1 - REPORT OF WRIGHT & COMPANY, INC. DATED JANUARY 19, 2015 - Gastar Exploration Inc.gst-20141231xexhibit991.htm
EX-23.1 - CONSENT OF BDO USA, LLP - Gastar Exploration Inc.gst-20141231xexhibit231.htm
EX-10.21 - THIRD AMDMT TO EMPLOYMENT AGREEMENT GERLICH - Gastar Exploration Inc.gst-20141231xexhibit1021th.htm
EX-31.1 - CERTIFICATION OF CEO - Gastar Exploration Inc.gst-20141231xexhibit311pri.htm
EX-10.8 - AMDMT NO. 5 TO SECOND AMENDED & RESTATED CREDIT AGRMT - Gastar Exploration Inc.gst-20141231xexhibit108mas.htm
EX-10.32 - THIRD AMDMT TO CHANGE OF CONTROL SEVERANCE PLAN - Gastar Exploration Inc.gst-2014x1231xexhibit1032t.htm
EX-10.25 - FORM OF GASTAR EXPLORATION INC. PBU AGRMT CLIFF VEST - Gastar Exploration Inc.gst-20141231xexhibit1025fo.htm
EX-32.1 - CERTIFICATION OF CEO AND CFO - Gastar Exploration Inc.gst-20141231xexhibit321pri.htm
EX-31.2 - CERTIFICATION OF CFO - Gastar Exploration Inc.gst-20141231xexhibit312pri.htm
EX-10.24 - FORM OF GASTAR EXPLORATION INC. PBU AGRMT - Gastar Exploration Inc.gst-20141231xexhibit1024fo.htm
10-K - 10-K 12.31.2014 - Gastar Exploration Inc.gst-12312014x10k.htm
EX-12.2 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND DIVIDENDS - Gastar Exploration Inc.gst-20141231xexhibit122.htm


Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(Unaudited)

 
 
For the Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(in thousands, except ratios)
Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
50,953

 
$
49,342

 
$
(153,791
)
 
$
(740
)
 
$
(13,264
)
Add: Fixed Charges
 
54,329

 
31,026

 
13,228

 
2,558

 
853

Add: Amortization of capitalized interest
 
594

 
883

 
7,119

 
460

 
178

Less: Interest capitalized
 
(4,347
)
 
(3,284
)
 
(1,946
)
 
(818
)
 
(633
)
Net income (loss), as adjusted
 
$
101,529

 
$
77,967

 
$
(135,390
)
 
$
1,460

 
$
(12,866
)
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Total interest expensed
 
$
28,851

 
$
14,130

 
$
1,992

 
$
682

 
$
500

Amortization of financing costs
 
3,067

 
2,322

 
224

 
248

 
283

Estimated interest portion of operating leases
 
220

 
146

 
124

 
53

 
70

Dividends on preferred stock(1)
 
22,191

 
14,428

 
10,888

 
1,575

 
—

Total fixed charges
 
$
54,329

 
$
31,026

 
$
13,228

 
$
2,558

 
$
853

Fixed Charges and Fixed Charge Ratio:
 
 
 
 
 
 
 
 
 
 
Earnings (deficiency) to fixed charges
 
$
47,200

 
$
46,941

 
$
(148,618
)
 
$
(1,098
)
 
$
(13,719
)
Earnings to fixed charges ratio
 
1.9x

 
2.5x

 
—

 
—

 
—

_________________________________
(1)
Computed as the dividend requirement divided by (1 minus the statutory tax rate).




Gastar Exploration Inc. Reports