EX-12.1 2 h35138a1exv12w1.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS exv12w1
 

Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(In Thousands, Except Ratios)
                                                 
    Three        
    Months        
    Ended        
    March 31,     Years ended December 31,  
    2006     2005     2004     2003     2002     2001  
Earnings:
                                                
Income (loss) from continuing operations before income taxes
   $ 17,833     $ (26,847 )   $ 16,071     $ 5,742     $ (1,428 )   $ 2,947  
Plus: fixed charges
     2,973       3,441       2,084       2,026       1,969       2,254  
Preference securities dividends
     (2,278 )     (1,162 )     (974 )     (975 )     (984 )     (963 )
 
                                    
Earnings available for fixed charges
   $ 18,528     $ (24,568 )   $ 17,181     $ 6,793     $ (443 )   $ 4,238  
 
                                    
 
                                                
Fixed Charges:
                                                
Interest expense
   $ 695     $ 2,279     $ 1,110     $ 1,051     $ 985     $ 1,291  
Preference securities dividends
     2,278       1,162       974       975       984       963  
 
                                          
Total fixed charges
   $ 2,973     $ 3,441     $ 2,084     $ 2,026     $ 1,969     $ 2,254  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges and
                                                
Preference Securities Dividends
     6.23       (a)       8.24       3.35       (b)       1.88  
 
                                    
(a)   Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $28,009 thousand.
 
(b)   Earnings for the year ended December 31, 2002 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $2,412 thousand.