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Exhibit 12.1
BELDEN & BLAKE CORPORATION
RATIOS OF EARNINGS TO FIXED CHARGES
(CONTINUING OPERATION ONLY)
THREE MONTHS ENDED
YEAR ENDED DECEMBER 31 MARCH 31
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1992 1993 1994 1995 1996 1996 1997
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Income from continuing operations
before income taxes $ 1,585 $ 5,262 $ 6,510 $ 8,410 $ 21,760 $ 5,369 $ 7,289
Fixed charges:
Interest expense 2,200 3,187 3,503 6,073 7,383 2,011 1,702
Interest portion of rent expense 360 344 215 464 500 120 175
Amortization of debt issuance costs 71 83 130 164 202 50 51
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Total fixed charges 2,631 3,614 3,848 6,701 8,085 2,181 1,928
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Earnings before income taxes
and fixed charges $ 4,216 $ 8,876 $ 10,358 $ 15,111 $ 29,845 $ 7,550 $ 9,217
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Ratio of earnings to fixed charges 1.6x 2.5x 2.7x 2.3x 3.7x 3.5x 4.8x
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