EX-12.2 3 dex122.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS Ratio of Earnings to Fixed Charges and Preference Securities Dividends

Exhibit 12.2

 

GOODRICH PETROLEUM CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS

(In Thousands, Except Ratios)

 

     Year ended December 31,  
     2008     2007     2006     2005     2004  

Earnings:

          

Income (loss) from continuing operations before income taxes

   $ 183,296     $ (53,468 )   $ 14,419     $ (37,554 )   $ (3,606 )

Plus: fixed charges

     25,165       21,173       17,100       3,521       2,084  

Preference securities dividends

     (9,303 )     (9,303 )     (9,255 )     (1,162 )     (974 )
                                        

Earnings available for fixed charges

   $ 199,158     $ (41,598 )   $ 22,264     $ (35,195 )   $ (2,496 )
                                        

Fixed Charges:

          

Interest expense

   $ 15,862     $ 11,870     $ 7,845     $ 2,359     $ 1,110  

Preference securities dividends

     9,303       9,303       9,255       1,162       974  
                                        

Total fixed charges

   $ 25,165     $ 21,173     $ 17,100     $ 3,521     $ 2,084  
                                        

Ratio of Earnings to Fixed Charges and

          

Preference Securities Dividends

     7.91       (a )     1.30       (b )     (c )
                                        

 

(a) Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $62.8 million.

 

(b) Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $38.7 million.

 

(c) Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $4.6 million.