EX-12.1 3 d640845dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges

Northern Oil and Gas, Inc.

 

     Year Ended December 31,     Six Months
Ended
June 30, 2018		  
     2013      2014      2015     2016     2017  

Earnings (Deficit) Before Income Taxes

    $ 84,834,650      $ 263,112,945      $ (1,177,778,745 )    $ (294,895,887 )    $ (10,763,788 )    $ (93,581,601 ) 

Add:

               

Fixed Charges

      38,688,300        46,517,384        59,869,939       64,854,615       70,450,324       45,591,817  

Subtract:

               

Capitalized Interest

      5,976,981        4,409,544        1,506,172       356,196       147,775       73,235  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings (Deficit) Before Fixed Charges

      117,545,969        305,220,785        (1,119,414,978 )      (230,397,468 )      59,538,761       (48,063,019 ) 

Fixed Charges

               

Interest Expense

      32,709,056        42,105,676        58,360,387       64,485,623       70,286,341       45,510,134  

Capitalized Interest

      5,976,981        4,409,544        1,506,172       356,196       147,775       73,235  

Estimated Interest Component of Rent

      2,263        2,164        3,380       12,796       16,208       8,448  
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      38,688,300        46,517,384        59,869,939       64,854,615       70,450,324       45,591,817  
Ratio of Earnings (Deficit) to
Fixed Charges(1)		    3.0x      6.6x      (18.7)x(2)     (3.6)x(2)     0.9x(2)     (1.1)x(3)  

 

 

(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.

 

(2)

Earnings were insufficient to cover fix charges by approximately $10.9 million for the year ended December 31, 2017. Earnings were insufficient to cover fixed charges by approximately $295.3 million and $1,179.3 million for the years ended December 31, 2016 and 2015, respectively, due primarily to a non-cash impairment charge.

 

(3)

Earnings were insufficient to cover fix charges by approximately $93.7 million for the six months ended June 30, 2018 due primarily to a non-cash loss on the extinguishment of debt.