Exhibit 12.1
CARRIZO OIL & GAS, INC.
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Years Ended December 31, | ||||||||||||||||||||||||
2014 Pro forma | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 356,906 | $ | 350,210 | $ | 34,761 | $ | 82,133 | $ | 58,145 | $ | 18,410 | ||||||||||||
Fixed charges | 78,049 | 90,451 | 86,795 | 74,852 | 52,545 | 44,600 | ||||||||||||||||||
Interest capitalized | (28,839 | ) | (34,545 | ) | (29,889 | ) | (24,848 | ) | (23,369 | ) | (20,746 | ) | ||||||||||||
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Total Earnings | $ | 406,116 | $ | 406,116 | $ | 91,667 | $ | 132,137 | $ | 87,321 | $ | 42,264 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 75,314 | $ | 87,716 | $ | 84,578 | $ | 73,006 | $ | 50,998 | $ | 43,264 | ||||||||||||
Interest portion of rental expense | 2,735 | 2,735 | 2,217 | 1,846 | 1,547 | 1,336 | ||||||||||||||||||
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Total Fixed Charges | $ | 78,049 | $ | 90,451 | $ | 86,795 | $ | 74,852 | $ | 52,545 | $ | 44,600 | ||||||||||||
Ratio of Earnings to Fixed Charges | 5.20 | 4.49 | 1.06 | 1.77 | 1.66 | — | (1) | |||||||||||||||||
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(1) | For the year ended December 31, 2010, earnings were insufficient to cover fixed charges by $2.3 million primarily due to a loss on extinguishment of debt of $31.0 million. |
We had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.