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Midstates Petroleum Company, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
| Six Months Ended June 30, 2015 | Year Ended December 31, | |||||||||||||||||
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| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||
Earnings available before fixed charges: | |||||||||||||||||||
Pre-tax income (loss) | $ | (801,030 | ) | $ | 123,324 | $ | (490,514 | ) | $ | 7,789 | $ | 16,657 | $ | (15,635 | ) | ||||
Interest expense | 73,027 | 129,691 | 77,179 | 11,711 | 2,094 | — | |||||||||||||
Amortization of capitalized interest | 10,099 | 4,961 | 10,683 | 1,050 | 615 | 228 | |||||||||||||
Loan cost amortization | 8,355 | 7,857 | 5,960 | 1,529 | 850 | 314 | |||||||||||||
Portion of rental expense which represents interest factor | 374 | 698 | 497 | 340 | 179 | 146 | |||||||||||||
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Total earnings available for fixed charges | $ | (709,175 | ) | $ | 266,531 | $ | (396,195 | ) | $ | 22,419 | $ | 20,395 | $ | (14,947 | ) | ||||
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Interest expense | $ | 73,027 | $ | 129,691 | $ | 77,179 | $ | 11,711 | $ | 2,094 | $ | — | |||||||
Capitalized interest | 2,066 | 12,415 | 32,245 | 11,175 | 2,600 | 1,654 | |||||||||||||
Loan cost amortization | 8,355 | 7,857 | 5,960 | 1,529 | 850 | 314 | |||||||||||||
Portion of rental expense which represents interest factor | 374 | 698 | 497 | 340 | 179 | 146 | |||||||||||||
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Total fixed charges | $ | 83,822 | $ | 150,661 | $ | 115,881 | $ | 24,755 | $ | 5,723 | $ | 2,114 | |||||||
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Ratio of earnings to fixed charges | — | 1.8x | — | — | 3.6x | — | |||||||||||||
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Insufficient coverage | $ | 792,997 | $ | — | $ | 512,076 | $ | 2,336 | $ | — | $ | 17,061 | |||||||
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Total fixed charges | $ | 83,822 | $ | 150,661 | $ | 115,881 | $ | 24,755 | $ | 5,723 | $ | 2,114 | |||||||
Pre-tax preferred dividends | 15,687 | 30,863 | 38,588 | 10,844 | — | — | |||||||||||||
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Total fixed charges plus preferred dividends | $ | 99,509 | $ | 181,524 | $ | 154,469 | $ | 35,599 | $ | 5,723 | $ | 2,114 | |||||||
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Ratio of earnings to combined fixed charges and preferred dividends | — | 1.5x | — | — | 3.6x | — | |||||||||||||
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Insufficient coverage | $ | 808,684 | $ | — | $ | 550,664 | $ | 13,180 | $ | — | $ | 17,061 | |||||||
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Midstates Petroleum Company, Inc. Computation of Ratio of Earnings to Fixed Charges (in thousands, except ratios)