BATTALION OIL CORP - FORM 10-K - EX-12.1 - February 26, 2016

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10-K - 10-K - BATTALION OIL CORPa2227173z10-k.htm
EX-10.13 - EX-10.13 - BATTALION OIL CORPa2227173zex-10_13.htm
EX-10.25 - EX-10.25 - BATTALION OIL CORPa2227173zex-10_25.htm
EX-21.1 - EX-21.1 - BATTALION OIL CORPa2227173zex-21_1.htm
EX-23.2 - EX-23.2 - BATTALION OIL CORPa2227173zex-23_2.htm
EX-99.1 - EX-99.1 - BATTALION OIL CORPa2227173zex-99_1.htm
EX-23.1 - EX-23.1 - BATTALION OIL CORPa2227173zex-23_1.htm
EX-3.1.1 - EX-3.1.1 - BATTALION OIL CORPa2227173zex-3_11.htm
EX-31.2 - EX-31.2 - BATTALION OIL CORPa2227173zex-31_2.htm
EX-32 - EX-32 - BATTALION OIL CORPa2227173zex-32.htm
EX-31.1 - EX-31.1 - BATTALION OIL CORPa2227173zex-31_1.htm
EX-10.24 - EX-10.24 - BATTALION OIL CORPa2227173zex-10_24.htm

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

 
   Years Ended December 31,  
 
   2015   2014   2013   2012   2011  

Earnings:

                                

Income (loss) before income taxes

   $ (1,913,535 ) $ 314,880   $ (1,380,378 ) $ (67,066 ) $ 5,399  

Adjustments:

                                

Equity investment loss (income)

     171     (617 )   (97 )   (373 )   —  

Interest capitalized

     (113,009 )   (168,897 )   (203,993 )   (53,492 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes, as adjusted

   $ (2,026,373 ) $ 145,366   $ (1,584,468 ) $ (120,931 ) $ 5,399  

Fixed charges

     340,399     320,403     262,046     86,589     17,808  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

   $ (1,685,974 ) $ 465,769   $ (1,322,422 ) $ (34,342 ) $ 23,207  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest expense and amortization of finance costs

   $ 337,554   $ 317,732   $ 259,159   $ 85,372   $ 17,373  

Rental expense representative of interest factor

     2,845     2,671     2,887     1,217     435  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 340,399   $ 320,403   $ 262,046   $ 86,589   $ 17,808  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     — (1)   1.5     — (3)   — (4)   1.3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 340,399   $ 320,403   $ 262,046   $ 86,589   $ 17,808  

Pre-tax preferred dividend requirements

     83,942     32,902     12,132     110,075     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges plus preference dividends

   $ 424,341   $ 353,305   $ 274,178   $ 196,664   $ 17,808  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to combined fixed charges and preference dividends

     — (2)   1.3     — (3)   — (5)   1.3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Due to the Company's "Loss before income taxes, as adjusted" in 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.0 billion to achieve coverage ratio of 1:1.

(2)
Due to the Company's "Loss before income taxes, as adjusted" in 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.1 billion to achieve coverage ratio of 1:1.

(3)
Due to the Company's "Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

(4)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.

(5)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.



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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)

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