EX-12.2 4 d270440dex122.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,  
    2011     2010     2009     2008     2007  

Earnings:

          

Income (loss) before income taxes

   $ (31,758 )    $ (262,205 )    $ (318,297 )    $ 176,246        (59,476 ) 

Plus: fixed charges

     55,398        43,226        33,816        31,148        23,925   

Preference securities dividends

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

   $ 17,593      $ (225,026 )    $ (292,149 )    $ 198,656        (41,598 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

          

Interest expense

   $ 49,351      $ 37,179      $ 26,148      $ 22,410        17,878   

Preference securities dividends

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 55,398      $ 43,226      $ 33,816      $ 31,148        23,925   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges and Preference Securities Dividends

     (a )      (b )      (c )      6.38        (d ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $37.8 million.
(b) 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.
(c) 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
(d) 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.