Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
|
| Year ended December 31, |
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|
| 2014 |
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| 2013 |
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| 2012 |
|
| 2011 |
|
| 2010 |
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Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income (loss) before income taxes |
| $ | (353,136 | ) |
| $ | (95,186 | ) |
| $ | (84,202 | ) |
| $ | (31,758 | ) |
| $ | (262,205 | ) |
Plus: fixed charges |
|
| 47,829 |
|
|
| 51,187 |
|
|
| 58,450 |
|
|
| 55,398 |
|
|
| 43,226 |
|
Preference securities dividends |
|
| (29,722 | ) |
|
| (18,604 | ) |
|
| (6,047 | ) |
|
| (6,047 | ) |
|
| (6,047 | ) |
Earnings available for fixed charges |
| $ | (335,029 | ) |
| $ | (62,603 | ) |
| $ | (31,799 | ) |
| $ | 17,593 |
|
| $ | (225,026 | ) |
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense |
| $ | 47,829 |
|
| $ | 51,187 |
|
| $ | 52,403 |
|
| $ | 49,351 |
|
| $ | 37,179 |
|
Preference securities dividends |
|
| 29,722 |
|
|
| 18,604 |
|
|
| 6,047 |
|
|
| 6,047 |
|
|
| 6,047 |
|
Total fixed charges |
| $ | 77,551 |
|
| $ | 69,791 |
|
| $ | 58,450 |
|
| $ | 55,398 |
|
| $ | 43,226 |
|
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, 2014 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $382.9 million. |
(b) | 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. |
(c) | 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. |
(d) | 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. |
(e) | 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. |