EX-12.1 4 gst-20131231xexhibit121.htm EXHIBIT 12.1 GST-2013.12.31-Exhibit 12.1


Exhibit 12.1

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

Gastar Exploration, Inc.
 
 
For the Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(in thousands, except ratios)
Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
49,342

 
$
(153,791
)
 
$
(740
)
 
$
(13,264
)
 
$
119,163

Add: Fixed Charges
 
31,026

 
13,228

 
2,558

 
853

 
14,885

Add: Amortization of capitalized interest
 
883

 
7,119

 
460

 
178

 
973

Less: Interest capitalized
 
(3,284
)
 
(1,946
)
 
(818
)
 
(633
)
 
(10,802
)
Net income (loss), as adjusted
 
$
77,967

 
$
(135,390
)
 
$
1,460

 
$
(12,866
)
 
$
124,219

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Total interest expensed
 
$
14,130

 
$
1,992

 
$
682

 
$
500

 
$
12,831

Amortization of financing costs
 
2,322

 
224

 
248

 
283

 
1,964

Estimated interest portion of operating leases
 
146

 
124

 
53

 
70

 
90

Dividends on preferred stock attributable to non-controlling interest(1)
 
14,428

 
10,888

 
1,575

 
—

 
—

Total fixed charges
 
$
31,026

 
$
13,228

 
$
2,558

 
$
853

 
$
14,885

Fixed Charges and Fixed Charge Ratio:
 
 
 
 
 
 
 
 
 
 
Earnings (deficiency) to fixed charges
 
$
46,941

 
$
(148,618
)
 
$
(1,098
)
 
$
(13,719
)
 
$
109,334

Earnings to fixed charges ratio
 
2.5x

 
—

 
—

 
—

 
8.3x

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

Gastar Exploration Inc. (formerly known as Gastar Exploration USA, Inc.)
 
 
For the Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(in thousands, except ratios)
Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
51,277

 
$
(152,322
)
 
$
285

 
$
(12,352
)
 
$
123,724

Add: Fixed Charges
 
16,446

 
2,341

 
982

 
800

 
11,623

Add: Amortization of capitalized interest
 
883

 
7,119

 
460

 
178

 
973

Less: Interest capitalized
 
(3,284
)
 
(1,946
)
 
(817
)
 
(633
)
 
(10,802
)
Net income (loss), as adjusted
 
$
65,322

 
$
(144,808
)
 
$
910

 
$
(12,007
)
 
$
125,518

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Total interest expensed
 
$
13,978

 
$
1,993

 
$
681

 
$
483

 
$
10,240

Amortization of financing costs
 
2,322

 
224

 
248

 
247

 
1,293

Estimated interest portion of operating leases
 
146

 
124

 
53

 
70

 
90

Total fixed charges
 
$
16,446

 
$
2,341

 
$
982

 
$
800

 
$
11,623

Fixed Charges and Fixed Charge Ratio:
 
 
 
 
 
 
 
 
 
 
Earnings (deficiency) to fixed charges
 
$
48,876

 
$
(147,149
)
 
$
(72
)
 
$
(12,807
)
 
$
113,895

Earnings to fixed charges ratio
 
4.0x

 
—

 
—

 
—

 
10.8x