EX-12.1 4 rexx-ex121_13.htm EX-12.1 rexx-ex121_13.htm

 

Exhibit 12.1

REX ENERGY CORPORATION

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

Years ended December 31,

 

(in thousands, except ratios)

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Computation of earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax

$

(66,970)

 

 

$

(195,201)

 

 

$

(346,752)

 

 

$

31,971

 

 

$

9,201

 

Add: Fixed charges

 

69,425

 

 

 

92,498

 

 

 

67,570

 

 

 

48,426

 

 

 

31,519

 

Add: Equity method investment loss

 

—

 

 

 

—

 

 

 

411

 

 

 

813

 

 

 

763

 

Less: Capitalized interest

 

1,713

 

 

 

2,681

 

 

 

7,732

 

 

 

7,259

 

 

 

7,548

 

Less: Preferred Stock dividend requirements

 

2,392

 

 

 

5,091

 

 

 

9,660

 

 

 

2,335

 

 

 

—

 

Earnings (loss)

$

(1,650)

 

 

$

(110,475)

 

 

$

(296,163)

 

 

$

71,616

 

 

$

33,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

$

48,826

 

 

$

53,519

 

 

$

47,783

 

 

$

36,945

 

 

$

22,626

 

Add: Amortization of premium (discount) on Senior Notes, net

 

(10,377)

 

 

 

5,179

 

 

 

380

 

 

 

353

 

 

 

180

 

Add: Capitalized interest

 

1,713

 

 

 

2,681

 

 

 

7,732

 

 

 

7,259

 

 

 

7,548

 

Add: Amortized loan costs

 

26,871

 

 

 

26,028

 

 

 

2,015

 

 

 

1,534

 

 

 

1,165

 

Add: Preferred Stock dividend requirements

 

2,392

 

 

 

5,091

 

 

 

9,660

 

 

 

2,335

 

 

 

—

 

Fixed charges, as defined

$

69,425

 

 

$

92,498

 

 

$

67,570

 

 

$

48,426

 

 

$

31,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings (loss) to fixed charges and preferred stock

   dividends

 

—

(1)

 

 

—

(1)

 

—

 

 

1.5

 

 

1.1x

 

 

 

(1)

Due to our net losses for the years ended December 31, 2017, 2016 and 2015, the coverage ratio for each of these periods was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $71.1 million, $203.0 million and $363.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.