EXHIBIT 12
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31,
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2002 2001 2000
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GROSS G&A 26,074,408 25,974,568 23,793,995
NET G&A 10,564,849 8,186,654 5,585,487
INTEREST EXPENSE, NET 23,274,969 12,627,022 15,968,405
RENT EXPENSE 1,923,451 1,322,618 1,255,474
NET INCOME BEFORE TAXES 18,408,289 (34,192,333) 93,079,346
CAPITALIZED INTEREST 6,973,480 6,256,222 5,043,206
DEPLETED CAPITALIZED INTEREST 215,433 280,929 307,249
CALCULATED DATA
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UNALLOCATED G&A (%) 40.52% 31.52% 23.47%
NON-CAPITAL RENT EXPENSE 779,345 416,862 294,714
1/3 NON-CAPITAL RENT EXPENSE 259,782 138,954 98,238
FIXED CHARGES 30,508,231 19,022,198 21,109,849
EARNINGS 42,158,473 (21,145,428) 109,453,238
RATIO OF EARNINGS TO FIXED CHARGES (12/11) 1.38 --- 5.18
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For purposes of calculating the ratio of earnings to fixed charges, fixed
charges include interest expense, capitalized interest, amortization of debt
issuance costs and discounts, and that portion of non-capitalized rental expense
deemed to be the equivalent of interest. Earnings represents income before
income taxes from continuing operations before fixed charges. Due to the $98.9
million con-cash charge incurred in the fourth quarter of 2001 caused by a
write-down in the carrying value of oil and gas properties, 2001 earnings were
insufficient by $40.2 million to cover fixed charges in this period. If the
$98.9 million non-cash charge is excluded, the ratio of earnings to fixed
charges would have been 4.09 for 2001.