EX-12 6 d90789ex12.txt STATMENT RE COMPUTATION OF RATIOS EXHIBIT 12 DENBURY RESOURCES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, --------------------------------------------- ----------------- 1996 1997 1998 1999 2000 2000 2001 ------ ------ -------- ------ ------ ------- ------- EARNINGS: Pretax income from continuing operations 14,056 23,798 (302,765) 4,614 74,933 25,158 73,143 Fixed charges 4,080 1,262 17,763 16,186 15,712 7,427 9,507 ------ ------ -------- ------ ------ ------- ------- EARNINGS 18,136 25,060 (285,002) 20,800 90,645 32,585 82,650 ------ ------ -------- ------ ------ ------- ------- FIXED CHARGES: Interest expense 1,993 1,111 17,534 15,795 15,255 7,218 9,245 Interest component of rent expense 116 151 229 391 457 209 262 Imputed preferred dividend 1,281 Preferred dividend tax effect 690 ------ ------ -------- ------ ------ ------- ------- FIXED CHARGES 4,080 1,262 17,763 16,186 15,712 7,427 9,507 ------ ------ -------- ------ ------ ------- ------- RATIO OF EARNINGS TO FIXED CHARGES 4.4 19.9 __(a) 1.3 5.8 4.4 8.7 ====== ====== ======== ====== ====== ======= =======
--------------- (a) Earnings were inadequate to cover fixed charges in 1998 by $285.0 million. The deficiency was primarily due to a $280 million writedown of our full cost pool as a result of the low oil prices during 1998.