Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Year ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes | $ | (84,202 | ) | $ | (31,758 | ) | $ | (262,205 | ) | $ | (318,297 | ) | $ | 176,246 | ||||||
Plus: fixed charges | 52,403 | 49,351 | 37,179 | 26,148 | 22,410 | |||||||||||||||
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Earnings available for fixed charges | $ | (31,799 | ) | $ | 17,593 | $ | (225,026 | ) | $ | (292,149 | ) | $ | 198,656 | |||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 52,403 | $ | 49,351 | $ | 37,179 | $ | 26,148 | $ | 22,410 | ||||||||||
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Total fixed charges | $ | 52,403 | $ | 49,351 | $ | 37,179 | $ | 26,148 | $ | 22,410 | ||||||||||
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Ratio of Earnings to Fixed Charges | (a | ) | (b | ) | (c | ) | (d | ) | 8.86 | |||||||||||
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(a) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $84.2 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. |