Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(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 | 43,851 | 55,398 | 43,226 | 33,816 | 31,148 | 23,925 | ||||||||||||||||||
Preference securities dividends | (4,535 | ) | (6,047 | ) | (6,047 | ) | (7,668 | ) | (8,738 | ) | (6,047 | ) | ||||||||||||
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Earnings available for fixed charges | $ | 30,790 | $ | 17,593 | $ | (225,026 | ) | $ | (292,149 | ) | $ | 198,656 | (41,598 | ) | ||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 39,316 | $ | 49,351 | $ | 37,179 | $ | 26,148 | $ | 22,410 | 17,878 | |||||||||||||
Preference securities dividends | 4,535 | 6,047 | 6,047 | 7,668 | 8,738 | 6,047 | ||||||||||||||||||
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Total fixed charges | $ | 43,851 | $ | 55,398 | $ | 43,226 | $ | 33,816 | $ | 31,148 | 23,925 | |||||||||||||
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Ratio of Earnings to Fixed Charges and Preference Securities Dividends | (a | ) | (b | ) | (c | ) | (d | ) | 6.38 | (e | ) | |||||||||||||
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(a) | Earnings for the nine months ended September 30, 2012 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $13.1 million. |
(b) | Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $37.8 million. |
(c) | Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $268.3 million. |
(d) | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $326.0 million |
(e) | 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. |