EX-12 3 0003.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 DENBURY RESOURCES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, ----------------------------------------------------------------- 2000 1999 1998 1997 1996 ---------- ----------- ----------- ---------- ----------- EARNINGS: Pretax income (loss) from continuing operations........................ $74,933 $ 4,614 $(302,765) $23,798 $14,056 Fixed charges......................... 15,712 16,186 17,758 1,262 4,080 ---------- ----------- ----------- ---------- ----------- EARNINGS (LOSSES)................. $90,645 $20,800 $(285,007) $25,060 $18,136 ---------- ----------- ----------- ---------- ----------- FIXED CHARGES: Interest expense...................... $15,255 $15,795 $ 17,534 $ 1,111 $ 1,993 Interest component of rent expense 457 391 224 151 116 Imputed preferred divided............. - - - - 1,281 Preferred dividend tax effect......... - - - - 690 ---------- ----------- ----------- ---------- ----------- FIXED CHARGES..................... $15,212 $16,186 $ 17,758 $ 1,262 $ 4,080 ---------- ----------- ----------- ---------- ----------- RATIO OF EARNINGS TO FIXED CHARGES 5.8X 1.3X (a) 19.9X 4.4X ========== =========== =========== ========== ===========
(a) Earnings were insufficient to cover fixed charges by $285 million. The deficiency was primarily due to a $280 million writedown of the full cost pool as a result of low oil prices during 1998.