Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
Year ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (53,468 | ) | $ | 14,419 | $ | (37,554 | ) | $ | (3,606 | ) | $ | (7,768 | ) | ||||||
Plus: fixed charges | 21,173 | 17,100 | 3,521 | 2,084 | 2,026 | |||||||||||||||
Preference securities dividends | (9,303 | ) | (9,255 | ) | (1,162 | ) | (974 | ) | (975 | ) | ||||||||||
Earnings available for fixed charges | $ | (41,598 | ) | $ | 22,264 | $ | (35,195 | ) | $ | (2,496 | ) | $ | (6,717 | ) | ||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 11,870 | $ | 7,845 | $ | 2,359 | $ | 1,110 | $ | 1,051 | ||||||||||
Preference securities dividends | 9,303 | 9,255 | 1,162 | 974 | 975 | |||||||||||||||
Total fixed charges | $ | 21,173 | $ | 17,100 | $ | 3,521 | $ | 2,084 | $ | 2,026 | ||||||||||
Ratio of Earnings to Fixed Charges and | ||||||||||||||||||||
Preference Securities Dividends | (a | ) | 1.30 | (b | ) | (c | ) | (d | ) | |||||||||||
(a) | Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $62,771 thousand. |
(b) | Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $38,716 thousand. |
(c) | Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $4,580 thousand. |
(d) | Earnings for the year ended December 31, 2003 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $8,743 thousand. |