EXHIBIT 12
DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pretax income from continuing operations | $ | 74,933 | $ | 81,374 | $ | 70,315 | $ | 80,153 | $ | 121,840 | $ | 88,089 | $ | 162,985 | ||||||||||||||
Equity in (earnings) loss of affiliates | — | — | (55 | ) | (256 | ) | 136 | 28 | (276 | ) | ||||||||||||||||||
Distributed income of equity investees | — | — | — | 57 | 508 | 373 | 387 | |||||||||||||||||||||
Fixed charges, below | 15,708 | 22,896 | 27,408 | 23,893 | 20,412 | 15,602 | 15,365 | |||||||||||||||||||||
Less: Interest capitalized | — | — | — | — | — | — | (1,049 | ) | ||||||||||||||||||||
Earnings | $ | 90,641 | $ | 104,270 | $ | 97,668 | $ | 103,847 | $ | 142,896 | $ | 104,092 | $ | 177,412 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 15,255 | $ | 22,335 | $ | 26,833 | $ | 23,201 | $ | 19,468 | $ | 14,917 | $ | 13,318 | ||||||||||||||
Capitalized interest | — | — | — | — | — | — | 1,049 | |||||||||||||||||||||
Interest component of rent expense | 453 | 561 | 575 | 692 | 944 | 685 | 998 | |||||||||||||||||||||
Fixed charges | $ | 15,708 | $ | 22,896 | $ | 27,408 | $ | 23,893 | $ | 20,412 | $ | 15,602 | $ | 15,365 | ||||||||||||||
Ratio of earnings to fixed charges | 5.8 | x | 4.6 | x | 3.6 | x | 4.3 | x | 7.0 | x | 6.7 | x | 11.5 | x | ||||||||||||||