EX-12.1 2 ex12-1.txt STATMENT RE COMPUTATION OF RATIOS 1 EXHIBIT 12.1 THE MERIDIAN RESOURCE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($000)
THREE MONTHS ENDED MARCH 31, YEAR ENDED DECEMBER 31, --------------------- ----------------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 -------- -------- -------- -------- -------- -------- -------- Earnings: Earnings (loss) before income taxes 10,851 (3,639) 16,867 (256,060) (28,534) 16,666 7,488 Add back: Interest expense(2) 6,332 5,055 22,879 13,211 5,149 2,582 2,589 Interest portion of rental expense 184 111 568 287 245 216 191 Subtract back: Preference security dividend (1,350) (1,350) (5,400) (2,700) -- -- -- -------- -------- -------- -------- -------- -------- -------- Earnings as adjusted 16,017 177 34,914 (245,262) (23,140) 19,464 10,268 ======== ======== ======== ======== ======== ======== ======== Fixed charges: Interest expense 6,332 5,055 22,879 13,211 5,149 2,582 2,589 Interest portion of rental expense 184 111 568 287 245 216 191 Preference security dividend 1,350 1,350 5,400 2,700 -- -- -- -------- -------- -------- -------- -------- -------- -------- 7,866 6,516 28,847 16,198 5,394 2,798 2,780 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 2.04 (1) 1.21 (1) (1) 6.96 3.69
---------- (1) Earnings were insufficient to cover fixed charges by $261.5 million and $28.5 million for the years ended December 31, 1998 and 1997, respectively. Earnings for the three months ended March 31, 1999 were insufficient to cover fixed charges by $6.3 million. (2) Includes amortization of debt expense.