Exhibit 12.1
Transmeridian Exploration Incorporated
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands except ratio of earnings to fixed charges and preferred stock dividends)
Three Months Ended March 31, 2006 | Years Ended December 31, | |||||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Loss before minority interest and provision for income taxes | $ | (12,747 | ) | $ | (19,829 | ) | $ | (4,671 | ) | $ | (5,687 | ) | $ | (3,271 | ) | $ | (2,113 | ) | ||||||
Fixed charges | 11,735 | 19,755 | 7,420 | 5,451 | 1,914 | 371 | ||||||||||||||||||
Amortization of capitalized interest | 143 | 511 | 370 | 196 | 88 | 62 | ||||||||||||||||||
Capitalized interest | (478 | ) | (2,498 | ) | (4,520 | ) | (4,165 | ) | (1,286 | ) | — | |||||||||||||
Preferred stock dividends | (243 | ) | (975 | ) | (1,125 | ) | (20 | ) | (38 | ) | (123 | ) | ||||||||||||
Earnings (loss) as adjusted | $ | (1,590 | ) | $ | (3,036 | ) | $ | (2,526 | ) | $ | (4,225 | ) | $ | (2,593 | ) | $ | (1,803 | ) | ||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 8,998 | $ | 10,344 | $ | 1,400 | $ | 772 | $ | 338 | $ | 189 | ||||||||||||
Capitalized interest | 478 | 2,498 | 4,520 | 4,165 | 1,286 | — | ||||||||||||||||||
Amortization of debt financing costs | 633 | 1,115 | 193 | 184 | 126 | — | ||||||||||||||||||
Amortization of debt discount | 1,341 | 4,633 | — | — | — | — | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 42 | 190 | 182 | 310 | 126 | 59 | ||||||||||||||||||
Preferred stock dividends | 243 | 975 | 1,125 | 20 | 38 | 123 | ||||||||||||||||||
Total fixed charges | $ | 11,735 | $ | 19,755 | $ | 7,420 | $ | 5,451 | $ | 1,914 | $ | 371 | ||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (a) | — | — | — | — | — | — |
(a) | For the three months ended March 31, 2006 and the years ended December 31, 2005, 2004, 2003, 2002 and 2001, earnings were inadequate to cover fixed charges by $13.3 million, $22.8 million, $9.9 million, $9.7 million, $4.5 million and $2.2 million, respectively. |