EX-12 7 h04653exv12.txt STATEMENT RE COMPUTATION OF RATIOS . . . Exhibit 12 DENBURY RESOURCES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED ---------------------------------------------------------- MARCH 31, 1998 1999 2000 2001 2002 2003 ---------- ---------- ---------- ---------- ---------- ------------ EARNINGS: Pretax income from continuing operations (302,765) 4,614 74,933 81,374 70,315 27,538 Equity in earnings of affiliates -- -- -- -- (55) (16) Fixed charges 17,763 16,186 15,712 22,896 27,408 6,603 ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS (285,002) 20,800 90,645 104,270 97,668 34,125 ---------- ---------- ---------- ---------- ---------- ---------- FIXED CHARGES: Interest expense 17,534 15,795 15,255 22,335 26,833 6,461 Interest component of rent expense 229 391 457 561 575 142 ---------- ---------- ---------- ---------- ---------- ---------- FIXED CHARGES 17,763 16,186 15,712 22,896 27,408 6,603 ---------- ---------- ---------- ---------- ---------- ---------- RATIO OF EARNINGS TO FIXED CHARGES ---(a) 1.3 5.8 4.6 3.6 5.2 ========== ========== ========== ========== ========== ==========
(a) Earnings were inadequate to cover fixed charges as there was a $285 million deficiency.