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, | Six Months Ended June 30, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2014 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 34,761 | $ | 82,133 | $ | 58,145 | $ | 18,410 | ($ | 318,152 | ) | $ | 15,841 | |||||||||||
Fixed charges | 86,795 | 74,852 | 52,545 | 44,600 | 39,555 | 41,975 | ||||||||||||||||||
Interest capitalized | (29,889 | ) | (24,848 | ) | (23,369 | ) | (20,746 | ) | (19,696 | ) | (16,283 | ) | ||||||||||||
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Total Earnings | $ | 91,667 | $ | 132,137 | $ | 87,321 | $ | 42,264 | ($ | 298,293 | ) | $ | 41,533 | |||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 84,578 | $ | 73,006 | $ | 50,998 | $ | 43,264 | $ | 38,286 | $ | 40,639 | ||||||||||||
Interest portion of rental expense | 2,217 | 1,846 | 1,547 | 1,336 | 1,269 | 1,336 | ||||||||||||||||||
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Total Fixed Charges | $ | 86,795 | $ | 74,852 | $ | 52,545 | $ | 44,600 | $ | 39,555 | $ | 41,975 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.06 | 1.77 | 1.66 | — | (1) | — | (2) | — | (3) | |||||||||||||||
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(1) | Earnings for the year ended December 31, 2010, were insufficient to cover fixed charges by $2.3 million primarily due to a loss on the extinguishment of debt of $31.0 million. |
(2) | Earnings for the year ended December 31, 2009, were insufficient to cover fixed charges by $337.8 million primarily due to impairments of oil and gas properties of $338.9 million. |
(3) | Earnings for the six months ended June 30, 2014, were insufficient to cover fixed charges by $0.4 million primarily due to losses on derivatives of $60.6 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.