Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Rosehill Resources Inc. | d577750d8k.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Fixed Charges and Preferred Dividends
| Year Ended December 31, | ||||||||||||||||
| (in thousands, except ratios) | 2017 | 2016 | 2015 | 2014 | ||||||||||||
| Loss before income taxes |
$ | (10,258 | ) | $ | (15,041 | ) | $ | (14,712 | ) | $ | (19,253 | ) | ||||
| Interest expense |
2,529 | 1,818 | 3,240 | 5,466 | ||||||||||||
| Rental expense attributable to interest |
3 | 4 | 5 | 3 | ||||||||||||
| Earnings |
$ | (7,726 | ) | $ | (13,219 | ) | $ | (11,467 | ) | $ | (13,784 | ) | ||||
| Interest expense |
2,529 | $ | 1,818 | $ | 3,240 | $ | 5,466 | |||||||||
| Capitalized interest |
— | — | — | — | ||||||||||||
| Rental expense attributable to interest |
3 | 4 | 5 | 3 | ||||||||||||
| Fixed charges |
$ | 2,532 | $ | 1,822 | $ | 3,245 | $ | 5,469 | ||||||||
| Preferred dividend – cash |
975 | — | — | — | ||||||||||||
| Preferred dividend – paid-in-kind |
6,156 | — | — | — | ||||||||||||
| Preferred dividend – deemed |
8,252 | — | — | — | ||||||||||||
| Preferred stock dividends |
$ | 15,383 | $ | — | $ | — | $ | — | ||||||||
| Ratio of earnings to fixed charges (a) |
(c) | (c) | (c) | (c) | ||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends (b) |
(d) | (d) | (d) | (d) | ||||||||||||
| (a) | The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio: |
| • | earnings include income (loss) before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of interest; and |
| • | fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of interest. |
| (b) | The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio: |
| • | earnings include income (loss) before income taxes, adjusted for interest expense and the portion of rental expense deemed to be representative of interest; and |
| • | fixed charges and preferred stock dividends consist of interest expense, capitalized interest, the portion of rental expense deemed to be representative of interest and preferred stock dividends. |
| (c) | Due to Rosehill Operating’s loss before income taxes for the years ended December 31, 2017, 2016, 2015 and 2014, the ratio coverage was less than 1:1. To achieve ratio coverage of 1:1, the Company would have needed additional earnings of approximately $10.3 million, $15.0 million, $14.7 million and $19.3 million for the years ended December 31, 2017, 2016, 2015 and 2014, respectively. |
| (d) | Due to Rosehill Operating’s loss before income taxes for the years ended December 31, 2017, 2016, 2015 and 2014, the ratio coverage was less than 1:1. To achieve ratio coverage of 1:1, the Company would have needed additional earnings of approximately $25.6 million, $15.0 million, $14.7 million and $19.3 million for the years ended December 31, 2017, 2016, 2015 and 2014, respectively. |