EXHIBIT 12.1
CARRIZO OIL & GAS, INC.
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Years Ended December 31 | Nine Months Ended September 30 | |||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2011 | 2010 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in income of investee | $ | 15,679 | $ | (318,152 | ) | $ | (65,772 | ) | $ | 24,712 | $ | 28,446 | $ | 48,371 | $ | 53,171 | ||||||||||||
Interest expense | 43,264 | 38,286 | 30,257 | 26,403 | 19,071 | 38,001 | 30,058 | |||||||||||||||||||||
Less interest capitalized | (20,746 | ) | (19,696 | ) | (20,527 | ) | (11,718 | ) | (9,975 | ) | (16,937 | ) | (15,062 | ) | ||||||||||||||
Interest portion of rental expense | 1,292 | 1,237 | 1,568 | 1,096 | 619 | 1,099 | 924 | |||||||||||||||||||||
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Total Earnings | $ | 39,489 | $ | (298,325 | ) | $ | (54,474 | ) | $ | 40,493 | $ | 38,161 | $ | 70,534 | $ | 69,091 | ||||||||||||
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Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | $ | 43,264 | $ | 38,286 | $ | 30,257 | $ | 26,403 | $ | 19,071 | 38,001 | 30,058 | ||||||||||||||||
Interest portion of rental expense | 1,292 | 1,237 | 1,568 | 1,096 | 619 | 1,099 | 924 | |||||||||||||||||||||
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Total Fixed Charges | $ | 44,556 | $ | 39,523 | $ | 31,825 | $ | 27,499 | $ | 19,690 | $ | 39,100 | $ | 30,982 | ||||||||||||||
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Ratio of Earnings to Fixed Charges | 0.89 | (1) | — | (2) | — | (3) | 1.47 | 1.94 | 1.80 | 2.23 | ||||||||||||||||||
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Years Ended December 31 | Nine Months Ended September 30 | |||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in income of investee | $ | 15,679 | $ | (318,152 | ) | $ | (65,772 | ) | $ | 24,712 | $ | 28,446 | $ | 48,371 | $ | 53,171 | ||||||||||||
Interest expense | 43,264 | 38,286 | 30,257 | 26,403 | 19,071 | 38,001 | 30,058 | |||||||||||||||||||||
Less interest capitalized | (20,746 | ) | (19,696 | ) | (20,527 | ) | (11,718 | ) | (9,975 | ) | (16,937 | ) | (15,062 | ) | ||||||||||||||
Interest portion of rental expense | 1,292 | 1,237 | 1,568 | 1,096 | 619 | 1,099 | 924 | |||||||||||||||||||||
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Total Earnings | $ | 39,489 | $ | (298,325 | ) | $ | (54,474 | ) | $ | 40,493 | $ | 38,161 | $ | 70,534 | $ | 69,091 | ||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||||||||||
Interest expense | $ | 43,264 | $ | 38,286 | $ | 30,257 | $ | 26,403 | $ | 19,071 | 38,001 | 30,058 | ||||||||||||||||
Interest portion of rental expense | 1,292 | 1,237 | 1,568 | 1,096 | 619 | 1,099 | 924 | |||||||||||||||||||||
Preferred stock dividend requirements of Carrizo Oil & Gas, Inc. | — | — | — | — | — | — | — | |||||||||||||||||||||
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Total Combined Fixed Charges and Preferred Stock Dividends | $ | 44,556 | $ | 39,523 | $ | 31,825 | $ | 27,499 | $ | 19,690 | $ | 39,100 | $ | 30,982 | ||||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 0.89 | (1) | — | (2) | — | (3) | 1.47 | 1.94 | 1.80 | 2.23 | ||||||||||||||||||
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(1) | Earnings for the year ended December 31, 2010, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $5.1 million primarily due to non-cash impairments of oil and gas properties of $2.7 million. |
(2) | Earnings for the year ended December 31, 2009, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $337.8 million due to non-cash impairments of oil and gas properties of $338.9 million. |
(3) | Earnings for the year ended December 31, 2008, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $86.3 million due to a non-cash impairment of oil and gas properties of $178.5 million. |