Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(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 | 31,148 | 23,925 | 17,295 | 3,114 | 1,743 | |||||||||||||||
Preference securities dividends | (8,738 | ) | (6,047 | ) | (8,952 | ) | (755 | ) | (633 | ) | ||||||||||
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 | ||||||||||
Preference securities dividends | 8,738 | 6,047 | 8,952 | 755 | 633 | |||||||||||||||
Total fixed charges | $ | 31,148 | $ | 23,925 | $ | 17,295 | $ | 3,114 | $ | 1,743 | ||||||||||
Ratio of Earnings to Fixed Charges and | ||||||||||||||||||||
Preference Securities Dividends | 6.39 | (a | ) | 1.29 | (b | ) | (c | ) | ||||||||||||
| (a) | Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $65.5 million. |
| (b) | Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $38.3 million. |
| (c) | Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $4.2 million. |