Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Year ended December 31, | ||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||
Earnings: | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 176,748 | $ | (59,476 | ) | $ | 13,921 | $ | (37,554 | ) | $ | (3,606 | ) | |||||
Plus: fixed charges | 22,410 | 17,878 | 8,343 | 2,359 | 1,110 | |||||||||||||
Earnings available for fixed charges | $ | 199,158 | $ | (41,598 | ) | $ | 22,264 | $ | (35,195 | ) | $ | (2,496 | ) | |||||
Fixed Charges: | ||||||||||||||||||
Interest expense | $ | 22,410 | $ | 17,878 | $ | 8,343 | $ | 2,359 | $ | 1,110 | ||||||||
Total fixed charges | $ | 22,410 | $ | 17,878 | $ | 8,343 | $ | 2,359 | $ | 1,110 | ||||||||
Ratio of Earnings to Fixed Charges | 8.89 | (a | ) | 2.67 | (b | ) | (c | ) | ||||||||||
(a) | Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges. The coverage deficiency was $59.5 million. |
(b) | Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges. The coverage deficiency was $37.6 million. |
(c) | Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges. The coverage deficiency was $3.6 million. |