EX-12 2 exhibit12_12312014.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12_12312014.htm

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

   
Year Ended December 31,
  
   
2010
    
2011
    
2012
    
2013
    
2014
  
                               
Earnings Before Income Taxes
   $ 11,336,300     $ 67,446,792     $ 115,286,396     $ 84,834,650     $ 263,112,945  
Add:
                                        
Fixed Charges
     655,116       1,006,306       19,819,598       38,688,300       46,517,384  
Subtract:
                                        
Capitalized Interest
     59,711       405,984       5,929,473       5,976,981       4,409,544  
                                         
Total Earnings Before Fixed Charges
     11,931,705       68,047,114       129,176,521       117,545,969       305,220,785  
                                         
Fixed Charges
                                        
Interest Expense
     583,376       585,982       13,874,909       32,709,056       42,105,676  
Capitalized Interest
     59,711       405,984       5,929,473       5,976,981       4,409,544  
Estimated Interest Component of Rent
     12,029       14,340       15,216       2,263       2,164  
                                         
Total Fixed Charges
     655,116       1,006,306       19,819,598       38,688,300       46,517,384  
                                         
Ratio of Earnings to Fixed Charges(1)
     18.2 x     67.6 x     6.5 x     3.0 x     6.6 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.