Exhibit 12.1
COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
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| | | | | | | | | | | | | | | | | | | | | | Six Months Ended | |
| | Years Ended December 31, | | | June 30, | |
| | 2004 | | | 2005 | | | 2006 | | | 2007 | | | 2008 | | | 2008 | | | 2009 | |
| | (In thousands, except ratio) | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 16,947 | | | $ | 20,266 | | | $ | 20,733 | | | $ | 32,293 | | | $ | 25,336 | | | $ | 18,497 | | | $ | 5,063 | |
Capitalized interest expense | | | 363 | | | | 435 | | | | 247 | | | | — | | | | 2,330 | | | | — | | | | 2,968 | |
Preferred stock dividends | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Rental expense deemed interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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Total fixed charges | | $ | 17,310 | | | $ | 20,701 | | | $ | 20,980 | | | $ | 32,293 | | | $ | 27,666 | | | $ | 18,497 | | | $ | 8,031 | |
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Earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income taxes | | $ | 47,844 | | | $ | 99,206 | | | $ | 88,255 | | | $ | 74,867 | | | $ | 96,828 | | | $ | 157,059 | | | $ | (23,239 | ) |
Interest expense | | | 16,947 | | | | 20,266 | | | | 20,733 | | | | 32,293 | | | | 25,336 | | | | 18,497 | | | | 5,063 | |
Rental expense deemed interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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Total earnings | | $ | 64,791 | | | $ | 119,472 | | | $ | 108,988 | | | $ | 107,160 | | | $ | 122,164 | | | $ | 175,556 | | | $ | (18,176 | ) |
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Ratio of Earnings to Fixed Charges | | | 3.7x | | | | 5.8x | | | | 5.2x | | | | 3.3x | | | | 4.4x | | | | 9.5x | | | | — | |
The ratios were computed by dividing total earnings by total fixed charges. For the six months ended June 30, 2009, earnings were inadequate to cover fixed charges. The coverage deficiency was $26.2 million.