EX-12.2 5 d645377dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

 

GOODRICH PETROLEUM CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS

(In Thousands, Except Ratios)

 

     Year ended December 31,  
     2013     2012     2011     2010     2009  

Earnings:

          

Income (loss) before income taxes

   $ (95,186   $ (84,202   $ (31,758   $ (262,205   $ (318,297

Plus: fixed charges

     51,187        58,450        55,398        43,226        33,816   

Preference securities dividends

     (18,604     (6,047     (6,047     (6,047     (7,668
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings available for fixed charges

   $ (62,603   $ (31,799   $ 17,593      $ (225,026   $ (292,149
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

          

Interest expense

   $ 51,187      $ 52,403      $ 49,351      $ 37,179      $ 26,148   

Preference securities dividends

     18,604        6,047        6,047        6,047        7,668   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 69,791      $ 58,450      $ 55,398      $ 43,226      $ 33,816   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges and Preference Securities Dividends

       (a )        (b )        (c )        (d)        (e) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $113.8 million.
(b) Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $90.2 million.
(c) 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.
(d) 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.
(e) 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.