EX-12.2 3 h48830exv12w2.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS exv12w2
 

Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
                                         
    Year ended December 31,  
    2006     2005     2004     2003     2002  
Earnings:
                                        
Income (loss) from continuing operations before income taxes
   $ 14,419     $ (37,554 )   $ (3,606 )   $ (7,768 )   $ (6,771 )
Plus: fixed charges
     17,100       3,521       2,084       2,026       1,969  
Preference securities dividends
     (9,255 )     (1,162 )     (974 )     (975 )     (984 )
 
                              
Earnings available for fixed charges
   $ 22,264     $ (35,195 )   $ (2,496 )   $ (6,717 )   $ (5,786 )
 
                              
 
                                        
Fixed Charges:
                                        
Interest expense
   $ 7,845     $ 2,359     $ 1,110     $ 1,051     $ 985  
Preference securities dividends
     9,255       1,162       974       975       984  
 
                              
Total fixed charges
   $ 17,100     $ 3,521     $ 2,084     $ 2,026     $ 1,969  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges and Preference Securities Dividends
     1.30       (a )     (b )     (c )     (d )
 
                              
 
(a)   Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $38,716 thousand.
 
(b)   Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $4,580 thousand.
 
(c)   Earnings for the year ended December 31, 2003 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $8,743 thousand.
 
(d)   Earnings for the year ended December 31, 2002 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $7,755 thousand.