Spinnaker Exploration 10-Q 2005 Q3 Quarterly report

Exhibit 12.1

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

(In thousands, except ratios)

	Nine Months Ended September 30,						Year Ended December 31,
	2005			2004			2004			2003			2002		2001		2000
EARNINGS AVAILABLE FOR FIXED CHARGES:
Net income	$	57,057		$	40,419		$	53,933		$	36,612		$	31,579	$	66,226	$	38,566
Less: Capitalized interest		(3,013	)		(1,882	)		(2,857	)		(353	)		—		—		(17	)
Add: Fixed charges		4,959			3,097			4,472			1,544			1,111		576		909
Income tax expense		31,130			23,635			30,337			24,562			17,763		37,252		20,858
EARNINGS AVAILABLE	$	90,133		$	65,269		$	85,885		$	62,365		$	50,453	$	104,054	$	60,316
FIXED CHARGES:
Interest expense	$	1,623		$	910		$	1,206		$	784		$	762	$	381	$	748
Capitalized interest		3,013			1,882			2,857			353			—		—		17
Rental expense representative of interest factor		323			305			409			407			349		195		144
TOTAL FIXED CHARGES	$	4,959		$	3,097		$	4,472		$	1,544		$	1,111	$	576	$	909
Preferred dividends on a pre-tax basis		—			—			—			—			—		—		—
TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS	$	4,959		$	3,097		$	4,472		$	1,544		$	1,111	$	576	$	909
RATIO OF EARNINGS TO FIXED CHARGES		18.2			21.1			19.2			40.4			45.4		180.6		66.4
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS		18.2			21.1			19.2			40.4			45.4		180.6		66.4