W&T Offshore (WTI) S-3 Shelf registration

Exhibit 12.1

W&T OFFSHORE, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS (LOSS) TO COMBINED FIXED CHARGES AND PREFERRED STOCK

DIVIDENDS

(In thousands, except ratios)

	Year Ended December 31,
	2008			2007			2006			2005		2004
Income (loss) before income taxes	$	(828,482	)	$	215,759		$	306,354		$	290,026	$	229,490
Add: Fixed charges		56,961			66,006			32,891			2,967		3,581
Less: Capitalized interest		(19,292	)		(25,100	)		(13,238	)		—		—
Earnings (loss) before fixed charges	$	(790,813	)	$	256,665		$	326,007		$	292,993	$	233,071
Fixed charges:
Interest expense, net of amounts capitalized	$	34,709		$	37,088		$	17,180		$	1,145	$	2,118
Capitalized interest		19,292			25,100			13,238			—		—
Portion of rental expense representative of an interest factor		2,960			3,818			2,473			1,822		1,463
Total fixed charges		56,961			66,006			32,891			2,967		3,581
Preferred stock dividends (1)		—			—			—			—		1,385
Combined fixed charges and preferred stock dividends	$	56,961		$	66,006		$	32,891		$	2,967	$	4,966
Ratio of earnings (loss) to fixed charges		—			3.9			9.9			98.8		65.1
Ratio of earnings (loss) to combined fixed charges and preferred stock dividends		—			3.9			9.9			98.8		46.9

(1) Preferred stock dividends are adjusted to reflect the amount of pre-tax earnings required for payment. In connection with our initial public offering in January 2005, all outstanding shares of our preferred stock were converted into our common stock.

(2) In 2008, earnings were insufficient to cover fixed charges by $847.8 million and therefore no ratio is shown.