Spinnaker Exploration 10-Q 2004 Q1 Quarterly report

Exhibit 12.1

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

(In thousands, except ratios)

	Three Months Ended March 31,					Year Ended December 31,
	2004			2003		2003			2002		2001		2000			1999
EARNINGS AVAILABLE FOR FIXED CHARGES:
Net income (loss)	$	13,737		$	15,298	$	36,612		$	31,579	$	66,226	$	38,566		$	(1,337	)
Less: Capitalized interest		(426	)		—		(353	)		—		—		(17	)		(966	)
Add: Fixed charges		735			249		1,544			1,111		576		909			3,870
Income tax expense		7,727			8,605		24,562			17,763		37,252		20,858			—
EARNINGS AVAILABLE	$	21,773		$	24,152	$	62,365		$	50,453	$	104,054	$	60,316		$	1,567
FIXED CHARGES:
Interest expense	$	211		$	149	$	784		$	762	$	381	$	748		$	2,805
Capitalized interest		426			—		353			—		—		17			966
Rental expense representative of interest factor		98			100		407			349		195		144			99
TOTAL FIXED CHARGES	$	735		$	249	$	1,544		$	1,111	$	576	$	909		$	3,870
Preferred dividends on a pre-tax basis		—			—		—			—		—		—			7,911
TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS	$	735		$	249	$	1,544		$	1,111	$	576	$	909		$	11,781
RATIO OF EARNINGS TO FIXED CHARGES		29.6			97.0		40.4			45.4		180.6		66.4			(1)
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS		29.6			97.0		40.4			45.4		180.6		66.4			(2)

(1) Earnings were inadequate to cover fixed charges by $2.3 million for the year ended December 31, 1999.

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