Exhibit 12.1
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)
Three Months Ended March 31, 2015 | Year ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (21,118 | ) | $ | (353,136 | ) | $ | (95,186 | ) | $ | (84,202 | ) | $ | (31,758 | ) | $ | (262,205 | ) | ||||||
Plus: fixed charges | 12,079 | 47,829 | 51,187 | 52,403 | 49,351 | 37,179 | ||||||||||||||||||
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Earnings available for fixed charges | $ | (9,039 | ) | $ | (305,307 | ) | $ | (43,999 | ) | $ | (31,799 | ) | $ | 17,593 | $ | (225,026 | ) | |||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 12,079 | $ | 47,829 | $ | 51,187 | $ | 52,403 | $ | 49,351 | $ | 37,179 | ||||||||||||
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Total fixed charges | $ | 12,079 | $ | 47,829 | $ | 51,187 | $ | 52,403 | $ | 49,351 | $ | 37,179 | ||||||||||||
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Ratio of Earnings to Fixed Charges | (a | ) | (b | ) | (c | ) | (d | ) | (e | ) | (f | ) | ||||||||||||
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(a) | Earnings for the three months ended March 31, 2015 were inadequate to cover fixed charges. The coverage deficiency was $21.1 million. |
(b) | Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges. The coverage deficiency was $353.1 million. |
(c) | Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges. The coverage deficiency was $95.2 million. |
(d) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $84.2 million. |
(e) | Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $31.8 million. |
(e) | Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $262.2 million. |