EX-12.1 3 d290517dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

Endeavour International Corporation

Computation of Ratios of Earnings to Fixed Charges

(Amounts in thousands)

 

     Year Ended December 31,  
     2011     2010     2009  

Earnings:

      

Income (Loss) before Taxes

   $ (103,934   $ 55,743     $ (94,687

Add: Fixed charges

     60,006       38,517       19,697  

Less: Capitalized interest

     (14,711     (3,925     (3,067
  

 

 

   

 

 

   

 

 

 

Earnings

   $ (29,217   $ 98,185     $ (71,923
  

 

 

   

 

 

   

 

 

 

Fixed Charges:

      

Interest expense

   $ 45,295     $ 34,592     $ 16,630  

Capitalized interest

     14,711       3,925       3,067  
  

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 60,006     $ 38,517     $ 19,697  
  

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     —          2.5       —     

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 $89.2 million and $91.6 million for the year ended December 31, 2011 and 2009.