Attached files
Exhibit 12.2
Endeavour International Corporation
Computation of Ratios of Earnings to Fixed Charges
and Preference Securities Dividends
(Amounts in thousands)
Computation of Ratios of Earnings to Fixed Charges
and Preference Securities Dividends
(Amounts in thousands)
| Year Ended December 31, | ||||||||||||
| 2009 | 2008 | 2007 | ||||||||||
Earnings: |
||||||||||||
Income (Loss) before Taxes |
$ | (94,687 | ) | $ | 49,975 | $ | (72,353 | ) | ||||
Add: Fixed charges |
40,908 | 37,781 | 36,878 | |||||||||
Less: Capitalized interest |
(3,067 | ) | (3,998 | ) | (6,358 | ) | ||||||
Earnings |
$ | (50,712 | ) | $ | 91,754 | $ | (29,117 | ) | ||||
Fixed Charges: |
||||||||||||
Interest expense |
$ | 16,630 | $ | 22,974 | $ | 19,282 | ||||||
Preferred dividends |
21,211 | 10,809 | 11,238 | |||||||||
Capitalized interest |
3,067 | 3,998 | 6,358 | |||||||||
Total fixed charges |
$ | 40,908 | $ | 37,781 | $ | 36,878 | ||||||
Ratio of earnings to fixed charges |
— | 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 and $66.0 million for the years ended
December 31, 2009 and 2007, respectively.