EX-12 3 ex12tos3amend1.txt EXHIBIT 12 DENBURY RESOURCES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended Year Ended December 31, June 30, 2003 2002 2001 2000 1999 1998 ---------------- ---------- ---------- ----------- ---------- ----------- Earnings: Pretax income (loss) from continuing operations..... $ 35,101 $ 70,315 $ 81,374 $ 74,933 $ 4,614 $ (302,765) Equity in earnings of affiliates................ (51) (55) -- -- -- -- Fixed charges................ 12,974 27,408 22,896 15,712 16,186 17,763 ---------------- ---------- ---------- ----------- ---------- ----------- Earnings (losses) ........ $ 48,024 $ 97,668 $ 104,270 $ 90,645 $ 20,800 $ (285,002) Fixed Charges: Interest expense............. $ 12,688 $ 26,833 $ 22,335 $ 15,255 $ 15,795 $ 17,534 Interest component of rent expense................... 286 575 561 457 391 229 ---------------- ---------- ---------- ----------- ---------- ----------- Fixed charges............. $ 12,974 $ 27,408 $ 22,896 $ 15,712 $ 16,186 $ 17,763 ---------------- ---------- ---------- ----------- ---------- ----------- Ratio of earnings to fixed charges 3.7x 3.6x 4.6x 5.8x 1.3x (a) ================ ========== ========== =========== ========== =========== --------------------- (a) Earnings were insufficient to cover fixed charges by $285 million. The deficiency was primarily due to a $280 million writedown of the full cost pool as a result of low oil prices during 1998.