EX-12.2 8 h80198exv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Endeavour International Corporation
Endeavour International Corporation
Computation of Ratios of Earnings to Fixed Charges
and Preference Securities Dividends

(Amounts in thousands)
                         
    Year Ended December 31,
    2010   2009   2008
     
Earnings:
                       
Income (Loss) before Taxes
  $ 55,743     $ (94,687 )   $ 49,975  
 
                       
Add: Fixed charges
    40,744       40,908       37,782  
Less: Capitalized interest
    (3,925 )     (3,067 )     (3,998 )
     
 
                       
Earnings
  $ 100,412     $ (50,712 )   $ 91,755  
     
Fixed Charges:
                       
Interest expense
  $ 34,592     $ 16,630     $ 22,975  
Preferred dividends
    2,227       21,211       10,809  
Capitalized interest
    3,925       3,067       3,998  
     
Total fixed charges
  $ 40,744     $ 40,908     $ 37,782  
     
 
                       
Ratio of earnings to fixed charges
    2.5             2.4  
For purposes of this computation, earnings are defined as pretax earnings from continuing operations before adjustment for minority interest and equity losses in entities with oil and gas properties, plus interest expense, and amortization of debt discount and expense related to indebtedness. Fixed charges are interest expense, including amortization of debt discount and expenses on indebtedness.
Earnings were insufficient to cover fixed charges by $91.6 million for the year ended December 31, 2009.