EX-12.1 3 d912717dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CARRIZO OIL & GAS, INC.

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

           Years Ended December 31,  
     2014
Pro forma		     2014     2013     2012     2011     2010  

Earnings

             

Income (loss) from continuing operations before income taxes

    $ 356,906      $ 350,210      $ 34,761      $ 82,133      $ 58,145      $ 18,410   

Fixed charges

      78,049        90,451        86,795        74,852        52,545        44,600   

Interest capitalized

      (28,839 )      (34,545 )      (29,889 )      (24,848 )      (23,369 )      (20,746 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings

 $ 406,116    $ 406,116    $ 91,667    $ 132,137    $ 87,321    $ 42,264   

Fixed Charges

Interest expense

 $ 75,314    $ 87,716    $ 84,578    $ 73,006    $ 50,998    $ 43,264   

Interest portion of rental expense

   2,735      2,735      2,217      1,846      1,547      1,336   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

 $ 78,049    $ 90,451    $ 86,795    $ 74,852    $ 52,545    $ 44,600   

Ratio of Earnings to Fixed Charges

   5.20      4.49      1.06      1.77      1.66      —   (1) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) For the year ended December 31, 2010, earnings were insufficient to cover fixed charges by $2.3 million primarily due to a loss on extinguishment of debt of $31.0 million.

We had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.