.
.
.
EXHIBIT 12.1
NATURAL RESOURCES PARTNERS L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
FOR THE FOR THE
PERIOD FROM PERIOD FROM
JANUARY 1 OCTOBER 16 NINE
YEAR ENDED DECEMBER 31 THROUGH THROUGH MONTHS ENDED
------------------------------------------- OCTOBER 16, DECEMBER 31, SEPTEMBER 30,
1997 1998 1999 2000 2001 2002 2002 2003
------ ------ ------ ------ ------- ------------ ------------ ------------
EARNINGS
PRE-TAX INCOME 6,415 28,268
FIXED CHARGES -- -- -- -- -- -- 291 5,198
------ ------ ------ ------ ------- ------------ ------------ ------------
TOTAL EARNINGS -- -- -- -- -- -- 6,706 33,466
====== ====== ====== ====== ======= ============ ============ ============
FIXED CHARGES
INTEREST EXPENSE 200 4,595 (1)
AMORTIZATION OF DEBT
ISSUANCE EXPENSE 91 603
RENTAL INTEREST FACTOR
------ ------ ------ ------ ------- ------------ ------------ ------------
TOTAL FIXED CHARGES -- -- -- -- -- -- 291 5,198
====== ====== ====== ====== ======= ============ ============ ============
RATIO OF EARNINGS TO FIXED CHARGES -- -- -- -- -- -- 23.04 6.44
</Table>
- ----------
(1) Includes loss from interest rate hedge of $499.
WESTERM POCAHONTAS PROPERTIES LIMITED PARTNERSHIP
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
FOR THE FOR THE
PERIOD FROM PERIOD FROM
JANUARY 1 OCTOBER 16 NINE
YEAR ENDED DECEMBER 31 THROUGH THROUGH MONTHS ENDED
------------------------------------------- OCTOBER 16, DECEMBER 31, SEPTEMBER 30,
1997 1998 1999 2000 2001 2002 2002 2003
------ ------ ------ ------ ------- ------------ ------------ ------------
EARNINGS
PRE-TAX INCOME 10,514 15,015 12,208 12,825 14,543 10,061
FIXED CHARGES 5,110 5,681 4,449 4,265 4,062 5,766
------ ------ ------ ------ ------- ------------
TOTAL EARNINGS 15,624 20,696 16,657 17,090 18,605 15,827
====== ====== ====== ====== ======= ============
FIXED CHARGES
INTEREST EXPENSE 4,894 5,505 4,353 4,167 3,966 4,786
AMORTIZATION OF DEBT
ISSUANCE EXPENSE 207 167 86 86 86 970
RENTAL INTEREST FACTOR 9 9 10 12 10 10
------ ------ ------ ------ ------- ------------
TOTAL FIXED CHARGES 5,110 5,681 4,449 4,265 4,062 5,766
====== ====== ====== ====== ======= ============
RATIO OF EARNINGS TO FIXED CHARGES 3.06 3.64 3.74 4.01 4.58 2.74 - -
</Table>
GREAT NORTHERN PROPERTIES LIMITED PARTNERSHIP
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
FOR THE FOR THE
PERIOD FROM PERIOD FROM
JANUARY 1 OCTOBER 16 NINE
YEAR ENDED DECEMBER 31 THROUGH THROUGH MONTHS ENDED
------------------------------------------- OCTOBER 16, DECEMBER 31, SEPTEMBER 30,
1997 1998 1999 2000 2001 2002 2002 2003
------ ------ ------ ------ ------- ------------ ------------ ------------
EARNINGS
PRE-TAX INCOME 1,318 2,101 1,323 2,277 2,592 2,274
FIXED CHARGES 6,246 5,543 5,143 4,657 3,652 1,929
------ ------ ------ ------ ------- ------------
TOTAL EARNINGS 7,564 7,644 6,466 6,934 6,244 4,203
====== ====== ====== ====== ======= ============
FIXED CHARGES
INTEREST EXPENSE 6,153 5,450 4,999 4,657 3,652 1,877
AMORTIZATION OF DEBT
ISSUANCE EXPENSE 93 93 144 - - 52
RENTAL INTEREST FACTOR - - - - - -
------ ------ ------ ------ ------- ------------
TOTAL FIXED CHARGES 6,246 5,543 5,143 4,657 3,652 1,929
====== ====== ====== ====== ======= ============
RATIO OF EARNINGS TO FIXED CHARGES 1.21 1.38 1.26 1.49 1.71 2.18 - -
</Table>
NEW GAULEY COAL CORPORATION
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
FOR THE FOR THE
PERIOD FROM PERIOD FROM
JANUARY 1 OCTOBER 16 NINE
YEAR ENDED DECEMBER 31 THROUGH THROUGH MONTHS ENDED
------------------------------------------- OCTOBER 16, DECEMBER 31, SEPTEMBER 30,
1997 1998 1999 2000 2001 2002 2002 2003
------ ------ ------ ------ ------- ------------ ------------ ------------
EARNINGS
PRE-TAX INCOME (9) 1,096 993 661 1,223 1,098
FIXED CHARGES 275 187 164 157 150 298
------ ------ ------ ------ ------- ------------
TOTAL EARNINGS 266 1,283 1,157 818 1,373 1,396
====== ====== ====== ====== ======= ============
FIXED CHARGES
INTEREST EXPENSE 270 175 145 139 132 97
AMORTIZATION OF DEBT
ISSUANCE EXPENSE 5 12 19 18 18 201
RENTAL INTEREST FACTOR - - - - - -
------ ------ ------ ------ ------- ------------
TOTAL FIXED CHARGES 275 187 164 157 150 298
====== ====== ====== ====== ======= ============
RATIO OF EARNINGS TO FIXED CHARGES 0.97 6.86 7.05 5.21 9.15 4.68 - -
</Table>