Attached files

file filename
EX-21 - LIST OF SUBSIDIARIES - GMX RESOURCES INCdex21.htm
EX-23.3 - CONSENT OF MHA PETROLEUM CONSULTANTS, INC - GMX RESOURCES INCdex233.htm
EX-23.1 - CONSENT OF GRANT THORNTON - GMX RESOURCES INCdex231.htm
EX-31.1 - RULE 13A-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - GMX RESOURCES INCdex311.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 1350 - GMX RESOURCES INCdex322.htm
EX-23.4 - CONSENT OF DEGOLYER AND MACNAUGHTON - GMX RESOURCES INCdex234.htm
EX-23.2 - CONSENT OF SMITH, CARNEY & CO., P.C. - GMX RESOURCES INCdex232.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 1350 - GMX RESOURCES INCdex321.htm
EX-31.2 - RULE 13A-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - GMX RESOURCES INCdex312.htm
EX-10.20 - PURCHASE AND SALE AGREEMENT (WYOMING SUBJECT LEASES) - GMX RESOURCES INCdex1020.htm
EX-10.19 - PURCHASE AND SALE AGREEMENT (MONTANA AND NORTH DAKOTA SUBJECT LEASES) - GMX RESOURCES INCdex1019.htm
EX-10.21 - LEASE ACQUISITION AGREEMENT MCKENZIE & DUNN COUNTY, NORTH DAKOTA SUBJECT LEASES - GMX RESOURCES INCdex1021.htm
10-K - FORM 10-K - GMX RESOURCES INCd10k.htm

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

The following table contains our earnings to fixed charges and to combined fixed charges and preference dividends for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference herein.

 

                

Years

Ended
December 31,

             
     2006     2007     2008     2009     2010  

(Dollars in Thousands)

          

EARNINGS:

          

Net income (loss) before taxes (2)

   $ 12,390      $ 24,895      $ (150,138   $ (181,120   $ (142,531

Fixed charges

     1,019        4,210        14,466        18,507        20,486   

Capitalized interest

     (195     (122     (361     (1,760     (2,632

Noncontrolling interest in net loss before taxes

     —          —          —          (173     (3,114
                                        

Earnings (Loss)

   $ 13,214      $ 28,983      $ (136,033   $ (164,546   $ (127,791
                                        

FIXED CHARGES:

          

Interest expense

   $ 794      $ 3,833      $ 10,010      $ 10,712      $ 9,312   

Capitalized interest

     195        122        361        1,760        2,632   

Amortization of premiums and discounts related to indebtedness

     —          —          2,424        3,522        5,595   

Loan cost amortization

     30        255        1,671        2,513        2,947   
                                        

Fixed Charges

   $ 1,019      $ 4,210      $ 14,466      $ 18,507      $ 20,486   
                                        

PREFERRED STOCK DIVIDENDS:

          

Preferred dividends requirement

   $ 1,799      $ 4,625      $ 4,625      $ 4,625      $ 4,633   

Ratio of income (loss) before provision for taxes to net income (loss) (2)

     1.38        1.47        1.21        1.00        1.03   
                                        

Preferred Dividends

   $ 2,484      $ 6,819      $ 5,603      $ 4,626      $ 4,775   
                                        

COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

   $ 3,503      $ 11,029      $ 20,069      $ 23,133      $ 25,261   

RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (1)

     12.97        6.88        (9.40     (8.89     (6.24

INSUFFICIENT COVERAGE

   $ —        $ —        $ 150,499      $ 183,053      $ 148,277   

RATIO OF EARNINGS (LOSS) TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (1)

     3.77        2.63        (6.78     (7.11     (5.06

INSUFFICIENT COVERAGE

   $ —        $ —        $ 156,102      $ 187,679      $ 153,052   

 

(1) For purposes of determining the ratio of earnings to fixed charges and the ratio of combined fixed charges and preference dividends to earnings, earnings are defined as income before income taxes, plus fixed charges (excluding amortization of capitalized interest) less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized) and amortization of deferred financing costs. Preference dividends consist of dividends paid with respect to our outstanding preferred stock
(2) Net income (loss) reflect retrospective adoption of the cumulative effect of accounting changes for the years ended December 31, 2008 and 2009.