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Exhibit 12.1
COMSTOCK RESOURCES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
Six Months Ended
Year Ended June 30,
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2000 2001 2002 2003 2004 2004 2005
--------- --------- --------- --------- --------- --------- ---------
Ratio of Earnings to Fixed Charges
Fixed charges
Interest expense $ 25,819 $ 22,098 $ 31,252 $ 29,860 $ 21,182 $ 10,791 $ 10,517
Capitalized interest
expense - 230 281 422 363 187 207
Preferred stock dividends 2,471 1,604 1,604 573 - - -
Rental expense deemed
interest - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Total fixed charges $ 28,290 $ 23,932 $ 33,137 $ 30,855 $ 21,545 $ 10,978 $ 10,724
========= ========= ========= ========= ========= ========= =========
Earnings, as Defined:
Income from continuing
operations before income
taxes 63,034 53,085 19,350 82,949 73,209 29,205 8,877
Interest expense 25,819 22,098 31,252 29,860 21,182 10,791 10,517
Rental expense deemed interest - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Earnings, as defined(1) $ 88,853 $ 75,183 $ 50,602 $ 112,809 $ 94,391 $ 39,996 $ 19,394
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges(2) 3.1x 3.1x 1.5x 3.7x 4.4x 3.6x 1.8x
========= ========= ========= ========= ========= ========= =========
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(1) Earnings represent income before income taxes from continuing operations
before fixed charges
(2) For the purposes of calculating the ratio of earnings to fixed charges,
fixed charges include interest expense, capitalized interest expense,
preferred stock dividends and that portion of non-capitalized rental
expense deemed to be the equivalent of interest. Earnings represent income
before income taxes from continuing operations before fixed charges.