EX-12.2 3 exhibit122ratioofearningst.htm EXHIBIT 12.2 Exhibit

Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)

 
 
 
 
 
 
 
Predecessor
Successor
Successor
Predecessor
Year Ended December 31,
 
 
Year Ended December 31, 2017
 
October 13, 2016 to December 31, 2016
 
January 1, 2016 to October 12, 2016
2015
2014
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
(8,974
)
 
$
(4,307
)
 
$
369,944

 
$
(479,424
)
 
$
(353,136
)
 
$
(95,186
)
Plus: fixed charges
 
9,725

 
1,824

 
11,398

 
54,807

 
47,829

 
51,187

Preference securities dividends
 
-

 
-

 
4,112

 
(25,325)

 
(29,722)

 
(18,604)

Earnings available for fixed charges
 
751

 
(2,483)

 
385,454

 
(449,942)

 
(335,029)

 
(62,603)

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
9,725

 
1,824

 
11,398

 
54,807

 
47,829

 
51,187

Preference securities dividends
 
-

 
-

 
(4,112)

 
25,325

 
29,722

 
18,604

Total fixed charges
 
9,725

 
1,824

 
7,286

 
80,132

 
77,551

 
69,791

Ratio of Earnings to Fixed Charges and Preference Securities Dividends
 
0.08

 
(a)
 
52.90

 
(b)
 
(c)
 
(d)


 

(a)
Successor Company Earnings as of December 31, 2016 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $4.3 million.
(b)
Predecessor Company Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $530.1 million.
(c)
Predecessor Company Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $412.6 million.
(d) Predecessor Company Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $132.4 million