EX-12.2 3 dex122.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS Ratio of Earnings to Fixed Charges and Preference Securities Dividends

Exhibit 12.2

GOODRICH PETROLEUM CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS

(In Thousands, Except Ratios)

 

     Year ended December 31,  
     2009     2008     2007     2006     2005  

Earnings:

          

Income (loss) from continuing operations before income taxes

   $ (318,322   $ 176,748      (59,476   $ 13,921      (37,554

Plus: fixed charges

     33,816        31,148      23,925        17,295      3,114   

Preference securities dividends

     (7,668     (8,738   (6,047     (8,952   (755
                                    

Earnings available for fixed charges

   $ (292,174   $ 199,158      (41,598   $ 22,264      (35,195
                                    

Fixed Charges:

          

Interest expense

   $ 26,148      $ 22,410      17,878      $ 8,343      2,359   

Preference securities dividends

     7,668        8,738      6,047        8,952      755   
                                    

Total fixed charges

   $ 33,816      $ 31,148      23,925      $ 17,295      3,114   
                                    

Ratio of Earnings to Fixed Charges and Preference Securities Dividends

     (a     6.39      (b     1.29      (c
                                    

 

(a) 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.
(b) Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $65.5 million.
(c) Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $38.3 million.