Amplify Energy Corp. - FORM 10-K - EX-12.1 - March 16, 2015

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10-K - 10-K - Amplify Energy Corp.a2223529z10-k.htm
EX-32.2 - EX-32.2 - Amplify Energy Corp.a2223529zex-32_2.htm
EX-99.1 - EX-99.1 - Amplify Energy Corp.a2223529zex-99_1.htm
EX-21.1 - EX-21.1 - Amplify Energy Corp.a2223529zex-21_1.htm
EX-23.2 - EX-23.2 - Amplify Energy Corp.a2223529zex-23_2.htm
EX-31.1 - EX-31.1 - Amplify Energy Corp.a2223529zex-31_1.htm
EX-31.2 - EX-31.2 - Amplify Energy Corp.a2223529zex-31_2.htm
EX-99.2 - EX-99.2 - Amplify Energy Corp.a2223529zex-99_2.htm
EX-32.1 - EX-32.1 - Amplify Energy Corp.a2223529zex-32_1.htm
EX-23.1 - EX-23.1 - Amplify Energy Corp.a2223529zex-23_1.htm
EX-23.3 - EX-23.3 - Amplify Energy Corp.a2223529zex-23_3.htm
EXCEL - IDEA: XBRL DOCUMENT - Amplify Energy Corp.Financial_Report.xls

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EXHIBIT 12.1


MIDSTATES PETROLEUM COMPANY, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(In thousands, except ratios)

 
   Year Ended December 31,  
 
   2014   2013   2012   2011   2010  

Earnings available before fixed charges:

                                

Pre-tax income (loss)

     123,324     (490,514 )   7,789     16,657     (15,635 )

Add: Fixed charges

     150,661     115,881     24,755     5,723     2,114  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total additive items

     273,985     (374,633 )   32,544     22,380     (13,521 )

Less: Capitalized interest

     (12,415 )   (32,245 )   (11,175 )   (2,600 )   (1,654 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings available for fixed charges

   $ 261,570   $ (406,878 ) $ 21,369   $ 19,780   $ (15,175 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Interest expensed

   $ 129,691   $ 77,179   $ 11,711   $ 2,094   $ —  

Interest capitalized

     12,415     32,245     11,175     2,600     1,654  

Amortized premiums, discounts and capitalized expenses related to indebtedness

     7,857     5,960     1,529     850     314  

Portion of rental expense which represents interest factor(1)

     698     497     340     179     146  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Charges

   $ 150,661   $ 115,881   $ 24,755   $ 5,723   $ 2,114  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     1.7     (b )   (c )   3.5     (d )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 150,661   $ 115,881   $ 24,755   $ 5,723   $ 2,114  

Pre-tax preferred dividends(a)

     30,863     38,588     10,844     —     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges plus preferred dividends

   $ 181,524   $ 154,469   $ 35,599   $ 5,723   $ 2,114  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to combined fixed charges and preferred dividends

     1.4     (b )   (c )   3.5     (d )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Prior to October 1, 2012, the Company did not have any preferred stock outstanding. Preferred dividends shown herein relate to the Company's Series A Mandatorily Convertible Preferred Stock ("Series A Preferred Stock") issued on October 1, 2012, which allows, at the Company's option, for the 8% annual dividend payment to be made either in cash or through an adjustment to the Series A Preferred Stock liquidation preference. Pre-tax preferred stock dividend amounts for the years ended December 31, 2014, 2013 and 2012 were calculated utilizing the Company's effective tax rate for the applicable periods (5.2%, 29.9%, 40.1%, respectively) and represent the notional dividend amount as though paid in cash, rather than through an adjustment to the Series A Preferred Stock liquidation preference.

(b)
Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and combined fixed charges and preferred dividends. The coverage deficiency was $522.8 million and $561.3 million, respectively.

(c)
Earnings for the year ended December 31, 2012 were inadequate to cover fixed chargesand combined fixed charges and preferred dividends. The coverage deficiency was $3.4 million and $14.2 million, respectively.

(d)
Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges and combined fixed charges and preferred dividends. The coverage deficiency was $17.3 million and $17.3 million, respectively.



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MIDSTATES PETROLEUM COMPANY, INC. RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (In thousands, except ratios)

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