Exhibit 12.1
COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
| Years Ended December 31, | ||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 57,906 | $ | 73,242 | $ | 58,631 | $ | 118,592 | $ | 128,743 | ||||||||||
Capitalized interest expense | 11,357 | 2,736 | 10,237 | 891 | — | |||||||||||||||
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Total fixed charges | $ | 69,263 | $ | 75,978 | $ | 68,868 | $ | 119,483 | $ | 128,743 | ||||||||||
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Earnings, as defined | ||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (153,713 | ) | $ | (162,880 | ) | $ | (81,800 | ) | $ | (1,201,554 | ) | $ | (127,965 | ) | |||||
Fixed Charges | 69,263 | 75,978 | 68,868 | 119,483 | 128,743 | |||||||||||||||
Less: capitalized interest | (11,357 | ) | (2,736 | ) | (10,237 | ) | (891 | ) | — | |||||||||||
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Earnings, as defined | $ | (95,807 | ) | $ | (89,638 | ) | $ | (23,169 | ) | $ | (1,082,962 | ) | $ | 778 | ||||||
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Ratio of Earnings to Fixed Charges(1) | — | — | — | — | — | |||||||||||||||
| (1) | The ratios were computed by dividing earnings by fixed charges. “Earnings” consist of income from continuing operations before income taxes plus fixed charges less capitalized interest. “Fixed charges” consists of interest expense, capitalized interest expense, preferred stock dividends, and that portion ofnon-capitalized rental expense deemed to be the equivalent of interest. For all periods presented, earnings were inadequate to cover fixed charges. The coverage deficiency was $165.1 million, $165.6 million, $92.0 million, $1.2 billion and $128.0 million for the years ended December 31, 2012, 2013, 2014, 2015, and 2016, respectively. |
