Exhibit 12.2
GOODRICH PETROLEUM CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITIES DIVIDENDS
(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 | 19,510 | 77,551 | 69,791 | 58,450 | 55,398 | 43,226 | ||||||||||||||||||
Preference securities dividends | (7,431 | ) | (29,722 | ) | (18,604 | ) | (6,047 | (6,047 | ) | (6,047 | ) | |||||||||||||
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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 | ||||||||||||
Preference securities dividends | 7,431 | 29,722 | 18,604 | 6,047 | 6,047 | 6,047 | ||||||||||||||||||
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Total fixed charges | $ | 19,510 | $ | 77,551 | $ | 69,791 | $ | 58,450 | $ | 55,398 | $ | 43,226 | ||||||||||||
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Ratio of Earnings to Fixed Charges and Preference Securities Dividends | (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 and preference securities dividends. The coverage deficiency was $28.5 million. |
(b) | Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $382.9 million. |
(c) | Earnings for the year ended December 31, 2013 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $113.8 million. |
(d) | Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $90.2 million |
(e) | Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $37.8 million. |
(f) | Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges and preference securities dividends. The coverage deficiency was $268.3 million. |