Exhibit 12.1
Carrizo Oil and Gas, Inc. |
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND
March 31, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Income before Taxes | (7,831 | ) | 24,712 | 28,481 | 18,134 | 18,123 | 13,103 | |||||||||||||||||
Interest | 6,455 | 26,403 | 19,071 | 11,044 | 2,553 | 617 | ||||||||||||||||||
Interest expense — related parties | — | — | — | — | 1,082 | 2,379 | ||||||||||||||||||
Fixed Charges | 6,455 | 26,403 | 19,071 | 11,044 | 3,635 | 2,996 | ||||||||||||||||||
Cap interest | 3,718 | 11,718 | 9,975 | 5,845 | 2,938 | 2,919 | ||||||||||||||||||
Fixed Charges exc cap int | 2,737 | 14,685 | 9,096 | 5,199 | 697 | 77 | ||||||||||||||||||
earnings | (5,094 | ) | 39,397 | 37,577 | 23,333 | 18,820 | 13,180 | |||||||||||||||||
Ratio of earnings to fixed charges | — | (1) | 1.49 | 1.97 | 2.11 | 5.18 | 4.40 | |||||||||||||||||
Income before Taxes | (7,831 | ) | 24,712 | 28,481 | 18,134 | 18,123 | 13,103 | |||||||||||||||||
Interest | 6,455 | 26,403 | 19,071 | 11,044 | 2,553 | 617 | ||||||||||||||||||
Interest expense — related parties | — | — | — | — | 1,082 | 2,379 | ||||||||||||||||||
Preferred Stock Dividends | 0 | 0 | 0 | 0 | 350 | 741 | ||||||||||||||||||
Fixed charges and PS divid | 6,455 | 26,403 | 19,071 | 11,044 | 3,985 | 3,737 | ||||||||||||||||||
Cap Int | 3,718 | 11,718 | 9,975 | 5,845 | 2,938 | 2,919 | ||||||||||||||||||
Fixed charges and PS divid, exc cap int | 2,737 | 14,685 | 9,096 | 5,199 | 1,047 | 818 | ||||||||||||||||||
Earnings | (5,094 | ) | 39,397 | 37,577 | 23,333 | 19,170 | 13,921 | |||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividend | — | (1) | 1.49 | 1.97 | 2.11 | 4.72 | 3.53 |
(1) | Earnings for the quarter ended March 31, 2008 were insufficient to cover fixed charges by $5.1 million due to non-cash charges of $29.1 million associated with changes to the mark-to-market value of outstanding oil and natural gas derivatives and interest rate swaps. |