NORTHERN OIL & GAS, INC. - FORM 10-K - EX-12 - CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 3, 2016

Attached files

file filename
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER - NORTHERN OIL & GAS, INC.exhibit31-2.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - NORTHERN OIL & GAS, INC.exhibit32-1.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER - NORTHERN OIL & GAS, INC.exhibit31-1.htm
EX-23.2 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DELOITTE & TOUCHE - NORTHERN OIL & GAS, INC.exhibit23-2.htm
EX-23.3 - CONSENT OF RYDER SCOTT COMPANY LP - NORTHERN OIL & GAS, INC.exhibit23-3.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM GRANT THORNTON LLP - NORTHERN OIL & GAS, INC.exhibit23-1.htm
10-K - NORTHERN OIL & GAS, INC.nog10k.htm
EX-99.1 - REPORT OF RYDER SCOTT COMPANY LP - NORTHERN OIL & GAS, INC.exhibit99-1.htm
EX-10.18 - FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT FOR NON-EMPLOYEE DIRECTOR UNDER NOG 2013 INCENTIVE PLAN - NORTHERN OIL & GAS, INC.exhibit10-18.htm
Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
Northern Oil and Gas, Inc.

   
Year Ended December 31,
  
 
  
2011
    
2012
    
2013
    
2014
    
2015
  
Earnings (Deficit) Before Income Taxes
  
$
67,446,792
    
$
115,286,396
    
$
84,834,650
    
$
263,112,945
    
$
(1,177,778,745
)
Add:
                                        
Fixed Charges
    
1,006,306
      
19,819,598
      
38,688,300
      
46,517,384
      
59,869,939
  
Subtract:
                                        
Capitalized Interest
    
405,984
      
5,929,473
      
5,976,981
      
4,409,544
      
1,506,172
  
Total Earnings (Deficit) Before Fixed Charges
    
68,047,114
      
129,176,521
      
117,545,969
      
305,220,785
      
(1,119,414,978
)
Fixed Charges
                                        
Interest Expense
    
585,982
      
13,874,909
      
32,709,056
      
42,105,676
      
58,360,387
  
Capitalized Interest
    
405,984
      
5,929,473
      
5,976,981
      
4,409,544
      
1,506,172
  
Estimated Interest Component of Rent
    
14,340
      
15,216
      
2,263
      
2,164
      
3,380
  
Total Fixed Charges
    
1,006,306
      
19,819,598
      
38,688,300
      
46,517,384
      
59,869,939
  
Ratio of Earnings (Deficit) to Fixed Charges(1)
    
67.6
x
    
6.5
x
    
3.0
x
    
6.6
x
    
-
(2) 
_______________
 
(1) The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.
(2) Earnings were insufficient to cover fixed charges by approximately $1,237.6 million for the year ended December 31, 2015 due primarily to a non-cash impairment charge.


NORTHERN OIL & GAS, INC. Reports