EX-12 2 exhibit12_12312013.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12_12312013.htm

Exhibit 12
 
Calculation of Ratio of Earnings to Fixed Charges
 
Northern Oil and Gas, Inc.
 

 

   
Year Ended December 31,
  
   
2009
    
2010
    
2011
    
2012
    
2013
  
                               
Earnings Before Income Taxes
   $ 4,264,952     $ 11,336,300     $ 67,446,792     $ 115,286,396     $ 84,834,650  
Add:
                                        
Fixed Charges
     1,169,435       655,116       1,006,306       19,819,598       38,688,300  
Subtract:
                                        
Capitalized Interest
     624,717       59,711       405,984       5,929,473       5,976,981  
                                         
Total Earnings Before Fixed Charges
     4,809,670       11,931,705       68,047,114       129,176,521       117,545,969  
                                         
Fixed Charges
                                        
Interest Expense
     535,094       583,376       585,982       13,874,909       32,709,056  
Capitalized Interest
     624,717       59,711       405,984       5,929,473       5,976,981  
Estimated Interest Component of Rent
     9,624       12,029       14,340       15,216       2,263  
                                         
Total Fixed Charges
     1,169,435       655,116       1,006,306       19,819,598       38,688,300  
                                         
Ratio of Earnings to Fixed Charges(1)
     4.1 x     18.2 x     67.6 x     6.5 x     3.0 x
____________________
(1)  
The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.