Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes | $ | (95,186 | ) | $ | (84,202 | ) | $ | (31,758 | ) | $ | (262,205 | ) | $ | (318,297 | ) | |||||
Plus: fixed charges | 51,187 | 58,450 | 55,398 | 43,226 | 33,816 | |||||||||||||||
Preference securities dividends | (18,604 | ) | (6,047 | ) | (6,047 | ) | (6,047 | ) | (7,668 | ) | ||||||||||
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Earnings available for fixed charges | $ | (62,603 | ) | $ | (31,799 | ) | $ | 17,593 | $ | (225,026 | ) | $ | (292,149 | ) | ||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 51,187 | $ | 52,403 | $ | 49,351 | $ | 37,179 | $ | 26,148 | ||||||||||
Preference securities dividends | 18,604 | 6,047 | 6,047 | 6,047 | 7,668 | |||||||||||||||
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Total fixed charges | $ | 69,791 | $ | 58,450 | $ | 55,398 | $ | 43,226 | $ | 33,816 | ||||||||||
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Ratio of Earnings to Fixed Charges and Preference Securities Dividends | (a ) | (b ) | (c ) | (d) | (e) | |||||||||||||||
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(a) | Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $113.8 million. |
(b) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $90.2 million. |
(c) | 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. |
(d) | 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. |
(e) | 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. |