Exhibit 12.1
WHITING PETROLEUM CORPORATION
FORM S-4 REGISTRATION STATEMENT
Calculation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest Expensed | $ | 2,037 | $ | 2,926 | $ | 8,086 | $ | 10,867 | $ | 10,233 | $ | 7,549 | $ | 5,384 | ||||||||
Interest Capitalized | — | — | — | — | 210 | — | — | |||||||||||||||
Amortized Premiums, Discounts and Capitalized Expenses Related to Indebtedness | 282 | 300 | 1,091 | 71 | — | — | — | |||||||||||||||
Estimate of Interest Within Rental Expense | 52 | 46 | 209 | 183 | 165 | 105 | 98 | |||||||||||||||
Preference Security Dividend Requirements of Subs | — | — | — | — | — | — | — | |||||||||||||||
Total Fixed Charges | $ | 2,371 | $ | 3,272 | $ | 9,386 | $ | 11,121 | $ | 10,608 | $ | 7,654 | $ | 5,482 | ||||||||
Earnings: | ||||||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 15,698 | $ | 11,935 | $ | 36,139 | $ | 11,952 | $ | 54,337 | $ | 45,361 | $ | 12,726 | ||||||||
Fixed Charges (above) | 2,371 | 3,272 | 9,386 | 11,121 | 10,608 | 7,654 | 5,482 | |||||||||||||||
Amortization of Capitalized Interest | 5 | 5 | 21 | 21 | — | — | — | |||||||||||||||
Distributed Income of Equity Investees | — | — | — | — | — | — | — | |||||||||||||||
Whiting Share of Pre-tax losses of Equity Investees | — | — | — | — | — | — | — | |||||||||||||||
Less | ||||||||||||||||||||||
Interest Capitalized | — | — | — | — | (210 | ) | — | — | ||||||||||||||
Preference Security Dividend Requirements of Subs | — | — | — | — | — | — | — | |||||||||||||||
Minority Interest in Pre-tax income of Subs | — | — | — | — | — | — | — | |||||||||||||||
Total earnings | $ | 18,074 | $ | 15,212 | $ | 45,546 | $ | 23,094 | $ | 64,735 | $ | 53,015 | $ | 18,208 | ||||||||
Ratio of Earnings to Fixed Charges (unaudited) | 7.62 | 4.65 | 4.85 | 2.08 | 6.10 | 6.93 | 3.32 |