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,  
     2010     2009     2008     2007     2006  

Earnings:

          

Income (loss) before income taxes

   $ (262,205   $ (318,297   $ 176,748        (59,476   $ 13,921   

Plus: fixed charges

     43,226        33,816        31,148        23,925        17,295   

Preference securities dividends

     (6,047     (7,668     (8,738     (6,047     (8,952
                                        

Earnings available for fixed charges

   $ (225,026   $ (292,149   $ 199,158        (41,598   $ 22,264   
                                        

Fixed Charges:

          

Interest expense

   $ 37,179      $ 26,148      $ 22,410        17,878      $ 8,343   

Preference securities dividends

     6,047        7,668        8,738        6,047        8,952   
                                        

Total fixed charges

   $ 43,226      $ 33,816      $ 31,148        23,925      $ 17,295   
                                        

Ratio of Earnings to Fixed Charges and Preference Securities Dividends

     (a     (b     6.39        (c     1.29   
                                        

 

(a) 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.
(b) Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $326.0 million.
(c) Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $65.5 million.