EX-12.1 13 h15606exv12w1.txt STATMENT RE COMPUTATION OF RATIOS Exhibit 12.1 The Meridian Resource Corporation Computation of Ratio of Earnings to Fixed Charges and Earnings to Combined Fixed Charges Plus Preferred Stock Dividend Requirements ($000)
Three Months Ended March 31, Year Ended December 31, ------------ ------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------ --------- --------- --------- --------- --------- Earnings: Earnings (loss) before cumulative effect of changes in accounting principle $ 6,586 $ 15,148 $ (47,744) $ 22,980 $ 70,470 $ 16,867 Income taxes 3,900 4,249 (22,002) 13,500 10,400 -- --------- --------- --------- --------- --------- --------- Earnings (loss) before income taxes 10,486 19,397 (69,746) 36,480 80,870 16,867 Add back: Interest expense 1,691 9,803 11,891 18,032 24,272 21,663 Amortization of deferred debt expense 478 1,693 3,239 2,060 1,261 1,216 --------- --------- --------- --------- --------- --------- Interest expense 2,169 11,496 15,130 20,092 25,533 22,879 Rental expense 554 2,330 2,184 2,088 1,907 1,419 Interest portion of rental expense 222 932 874 835 763 568 --------- --------- --------- --------- --------- --------- 12,877 31,825 (53,742) 57,407 107,166 40,314 Subtract back: Preference security dividend (1,299) (6,593) (4,268) (429) (5,400) (5,400) --------- --------- --------- --------- --------- --------- Earnings (loss) as adjusted $ 11,578 $ 25,232 $ (58,010) $ 56,978 $ 101,766 $ 34,914 ========= ========= ========= ========= ========= ========= Fixed charges: Interest expense $ 2,169 $ 11,496 $ 15,130 $ 20,092 $ 25,533 $ 22,879 Interest portion of rental expense 222 932 874 835 763 568 --------- --------- --------- --------- --------- --------- Total fixed charges 2,391 12,428 16,004 20,927 26,296 23,447 Preference security dividend 1,299 6,593 4,268 429 5,400 5,400 --------- --------- --------- --------- --------- --------- Total $ 3,690 $ 19,021 $ 20,272 $ 21,356 $ 31,696 $ 28,847 ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 5.39 2.56 -- 2.74 4.08 1.72 Ratio of earnings to combined fixed charges and preference dividends 3.14 1.33 -- 2.67 3.21 1.21