EX-12.2 4 d464573dex122.htm EX-12.2 EX-12.2

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,  
     2012     2011     2010  

Earnings:

       

Income (Loss) before Taxes

    $ (111,998 )    $ (103,934 )    $ 55,743  

Add: Fixed charges, excluding capitalized interest

      85,945       46,867       36,819  
  

 

 

    

 

 

    

 

 

  

Earnings

    $ (26,053 )    $ (57,067 )    $ 92,562  
  

 

 

    

 

 

    

 

 

  

Fixed Charges:

       

Interest expense

    $ 84,122     $ 44,893     $ 34,592  

Preferred dividends

      1,823       1,974       2,227  

Capitalized interest

      26,886       14,711       3,925  
  

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 112,831     $ 61,578     $ 40,744  
  

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      —         —         2.2  

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 $138.9 million and $118.6 million for the year ended December 31, 2012 and 2011.