EX-12.1 5 d377998dex121.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,  
     2012     2013     2014     2015     2016  

Fixed charges

           

Interest expense

    $ 57,906     $ 73,242     $ 58,631     $ 118,592     $ 128,743  

Capitalized interest expense

      11,357       2,736       10,237       891       —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 69,263     $ 75,978     $ 68,868     $ 119,483     $ 128,743  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

           

Loss from continuing operations before income taxes

    $ (153,713 )    $ (162,880 )    $ (81,800 )    $ (1,201,554 )    $ (127,965 ) 

Fixed Charges

      69,263       75,978       68,868       119,483       128,743  

Less: capitalized interest

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

    $ (95,807 )    $ (89,638 )    $ (23,169 )    $ (1,082,962 )    $ 778  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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 $165.1 million, $165.6 million, $92.0 million, $1.2 billion and $128.0 million for the years ended December 31, 2012, 2013, 2014, 2015, and 2016, respectively.