Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Nine Months Ended September 30, 2012 |
Year ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (8,526 | ) | $ | (31,758 | ) | $ | (262,205 | ) | $ | (318,297 | ) | $ | 176,246 | $ | (59,476 | ) | |||||||
Plus: fixed charges | 39,316 | 49,351 | 37,179 | 26,148 | 22,410 | 17,878 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings available for fixed charges | $ | 30,790 | $ | 17,593 | $ | (225,026 | ) | $ | (292,149 | ) | $ | 198,656 | $ | (41,598 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 39,316 | $ | 49,351 | $ | 37,179 | $ | 26,148 | $ | 22,410 | $ | 17,878 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 36,316 | $ | 49,351 | $ | 37,179 | $ | 26,148 | $ | 22,410 | $ | 17,878 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of Earnings to Fixed Charges | (a | ) | (b | ) | (c | ) | (d | ) | 8.86 | (e | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Earnings for the nine months ended September 30, 2012 were inadequate to cover fixed charges. The coverage deficiency was $8.5 million. |
(b) | Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $31.8 million. |
(c) | Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $262.2 million. |
(d) | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $318.3 million. |
(e) | Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges. The coverage deficiency was $59.5 million. |