Carrizo Oil & Gas (CRZO) 8-K Entry into a Material Definitive Agreement

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	)
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
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)

(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.