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, | Nine Months Ended September 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 | ) | $ | 146,342 | |||||||||||
Fixed charges | 86,795 | 74,852 | 52,545 | 44,600 | 39,555 | 63,464 | ||||||||||||||||||
Interest capitalized | (29,889 | ) | (24,848 | ) | (23,369 | ) | (20,746 | ) | (19,696 | ) | (25,003 | ) | ||||||||||||
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Total Earnings | $ | 91,667 | $ | 132,137 | $ | 87,321 | $ | 42,264 | ($ | 298,293 | ) | $ | 184,803 | |||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 84,578 | $ | 73,006 | $ | 50,998 | $ | 43,264 | $ | 38,286 | $ | 61,560 | ||||||||||||
Interest portion of rental expense | 2,217 | 1,846 | 1,547 | 1,336 | 1,269 | 1,904 | ||||||||||||||||||
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Total Fixed Charges | $ | 86,795 | $ | 74,852 | $ | 52,545 | $ | 44,600 | $ | 39,555 | $ | 63,464 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.06 | 1.77 | 1.66 | — | (1) | — | (2) | 2.91 | ||||||||||||||||
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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 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. |
