Exhibit 12.1
Transmeridian Exploration Incorporated
Ratio of Earnings to Fixed Charges
(in thousands except ratio of earnings to fixed charges)
Years Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||
Loss before minority interest and provision for income taxes | $ | (19,829 | ) | $ | (4,671 | ) | $ | (5,687 | ) | $ | (3,271 | ) | $ | (2,113 | ) | |||||
Fixed charges | 18,780 | 6,295 | 5,431 | 1,876 | 248 | |||||||||||||||
Amortization of capitalized interest | 511 | 370 | 196 | 88 | 62 | |||||||||||||||
Capitalized interest | (2,498 | ) | (4,520 | ) | (4,165 | ) | (1,286 | ) | — | |||||||||||
Earnings (loss) as adjusted | $ | (3,036 | ) | $ | (2,526 | ) | $ | (4,225 | ) | $ | (2,593 | ) | $ | (1,803 | ) | |||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 10,344 | $ | 1,400 | $ | 772 | $ | 338 | $ | 189 | ||||||||||
Capitalized interest | 2,498 | 4,520 | 4,165 | 1,286 | — | |||||||||||||||
Amortization of debt financing costs | 1,115 | 193 | 184 | 126 | — | |||||||||||||||
Amortization of debt discount | 4,633 | — | — | — | — | |||||||||||||||
Portion of rental expense representative of the interest factor | 190 | 182 | 310 | 126 | 59 | |||||||||||||||
Total fixed charges | $ | 18,780 | $ | 6,295 | $ | 5,431 | $ | 1,876 | $ | 248 | ||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (a) | — | — | — | — | — |
(a) | For the years ended December 31, 2005, 2004, 2003, 2002 and 2001, earnings were inadequate to cover fixed charges by $21.8 million, $8.8 million, $9.7 million, $4.5 million and $2.2 million, respectively. |