EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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EXHIBIT 12
DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine months ended
Years ended December 31, September 30,
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Pro Pro
Forma Forma
1995 1996 1997 1997 1997 1998 1998
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Earnings:
Pretax income from
continuing operations 1,081 14,056 23,798 24,601 16,878 (175,660)(171,820)
Fixed charges 2,161 4,080 1,262 459 498 12,954 9,114
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Earnings (losses) 3,242 18,136 25,060 25,060 17,376 (162,706)(162,706)
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Fixed Charges:
Interest expense 2,085 1,993 1,111 308 387 12,788 8,948
Interest component of rent
expense 76 116 151 151 111 166 166
Imputed preferred dividend -- 1,281 -- -- -- -- --
Preferred dividend tax effect -- 690 -- -- -- -- --
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Fixed charges 2,161 4,080 1,262 459 498 12,954 9,114
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Ratio of earnings to fixed
charges 1.5 4.4 19.9 54.6 34.9 (a) (a)
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<FN>
(a) As a result of pre-tax losses of $175,660,000 and $171,820,000 incurred for
the nine months ended September 30, 1998, on an actual and pro-forma basis,
respectively, DRI was unable to cover its fixed charges of $12,954,000 and
$9,114,000, respectively.
</FN>
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