Spinnaker Exploration 10-Q 2003 Q2 Quarterly report

Exhibit 12.1

Calculation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends

(In thousands, except ratios)

	Six Months Ended June 30,				Year Ended December 31,
	2003		2002		2002		2001		2000			1999			1998
EARNINGS AVAILABLE FOR FIXED CHARGES:
Net income (loss)	$	25,326	$	11,798	$	31,579	$	66,226	$	38,566		$	(1,337	)	$	(6,860	)
Less: Capitalized interest		—		—		—		—		(17	)		(966	)		(237	)
Add: Fixed charges		501		596		1,111		576		909			3,870			603
Income tax expense		18,214		6,636		17,763		37,252		20,858			—			—
EARNINGS AVAILABLE	$	44,041	$	19,030	$	50,453	$	104,054	$	60,316		$	1,567		$	(6,494	)
FIXED CHARGES:
Interest expense	$	302	$	449	$	762	$	381	$	748		$	2,805		$	279
Capitalized interest		—		—		—		—		17			966			237
Rental expense representative of interest factor		199		147		349		195		144			99			87
TOTAL FIXED CHARGES	$	501	$	596	$	1,111	$	576	$	909		$	3,870		$	603
Preferred dividends on a pre-tax basis		—		—		—		—		—			7,911			7,094
TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS	$	501	$	596	$	1,111	$	576	$	909		$	11,781		$	7,697
RATIO OF EARNINGS TO FIXED CHARGES		87.9		31.9		45.4		180.6		66.4			(1	)		(1	)
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS		87.9		31.9		45.4		180.6		66.4			(2	)		(2	)

(1) Earnings were inadequate to cover fixed charges by $2.3 million and $7.1 million for the years ended December 31, 1999 and 1998, respectively.

(2) Earnings were inadequate to cover fixed charges and preferred dividends by $10.2 million and $14.2 million for the years ended December 31, 1999 and 1998, respectively.