EX-12.1 13 d186489dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

 

     Years Ended December 31,     Six Months Ended
June 30,		  
     2011     2012     2013     2014     2015     2015     2016  
     (In thousands, except ratio)  

Fixed charges

               

Interest expense

    $     41,592      $       57,906      $       73,242      $     58,631      $         118,592      $       54,561      $     58,826   

Capitalized interest expense

      13,153        11,357        2,736        10,237        891        891        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 54,745      $ 69,263      $ 75,978      $ 68,868      $ 119,483      $ 55,452      $ 58,826   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

               

Loss from continuing operations before income taxes

    $ (48,096 )    $ (153,713 )    $ (162,880 )    $ (81,800 )    $ (1,201,554 )    $ (327,872 )    $ (47,177 ) 

Fixed Charges

      54,745        69,263        75,978        68,868        119,483        55,452        58,826   

Less: capitalized interest

      (13,153 )      (11,357 )      (2,736 )      (10,237 )      (891 )      (891 )      —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

    $ (6,504 )    $ (95,807 )    $ (89,638 )    $ (23,169 )    $ (1,082,962 )    $ (273,311 )    $ 11,649   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges(1)

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  (1)

The ratios were computed by dividing earnings by fixed charges. “Earnings” consist of income from continuing operations before income taxes plus fixed charges less capitalized interest. “Fixed charges” consists of interest expense, capitalized interest expense, preferred stock dividends, and that portion of non-capitalized rental expense deemed to be the equivalent of interest. For all periods presented, earnings were inadequate to cover fixed charges. The coverage deficiency was $61.2 million, $165.1 million, $165.6 million, $92.0 million and $1.2 billion for the years ended December 31, 2011, 2012, 2013, 2014 and 2015, respectively, and $328.8 million and $47.2 million for the six months ended June 30, 2015 and 2016, respectively.