EX-12 5 denburys3703ex12.txt EXHIBIT 12 EXHIBIT 12 DENBURY RESOURCES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31, THREE MONTHS ENDED ---------------------------------------------------------------------- MARCH 31, 2003 2002 2001 2000 1999 1998 ------------------ ---------------------------------------------------------------------- EARNINGS: Pretax income (loss) from continuing operations........................ $ 27,538 $ 70,315 $ 81,374 $ 74,933 $ 4,614 $(302,765) Equity on earnings of affiliates...... (16) (55) -- -- -- -- Fixed charges......................... 6,603 27,408 22,896 15,712 16,186 17,763 -------- -------- --------- -------- -------- --------- EARNINGS (LOSSES)................. $ 34,125 $ 97,668 $ 104,270 $ 90,645 $ 20,800 $(285,002) -------- -------- --------- -------- -------- --------- FIXED CHARGES: Interest expense...................... $ 6,461 $ 26,833 $ 22,335 $ 15,255 $ 15,795 $ 17,534 Interest component of rent expense.... 142 575 561 457 391 229 -------- -------- --------- -------- -------- --------- FIXED CHARGES..................... $ 6,603 $ 27,408 $ 22,896 $ 15,712 $ 16,186 $ 17,763 -------- -------- --------- -------- -------- --------- RATIO OF EARNINGS TO FIXED CHARGES 5.2X 3.6X 4.6X 5.8X 1.3X (a) ======== ======== ========= ======== ======== =========
(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.