NORTHERN OIL & GAS, INC. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - November 9, 2017

Attached files

file	filename
EX-32.1 - EXHIBIT 32.1 - NORTHERN OIL & GAS, INC.	exhibit321-9x30x17.htm
EX-31.1 - EXHIBIT 31.1 - NORTHERN OIL & GAS, INC.	exhibit311-9x30x17.htm
10-Q - 10-Q - NORTHERN OIL & GAS, INC.	nog-20170930x10q.htm

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges

Northern Oil and Gas, Inc.



	Year Ended December 31,																				Nine Months Ended September 30, 2017
	2012				2013				2014				2015				2016				Nine Months Ended September 30, 2017
Earnings (Deficit) Before Income Taxes	$	115,286,396			$	84,834,650			$	263,112,945			$	(1,177,778,745	)		$	(294,895,887	)		$	14,654,917
Add:
Fixed Charges	19,819,598				38,688,300				46,517,384				59,869,939				64,854,615				49,525,044
Subtract:
Capitalized Interest	5,929,473				5,976,981				4,409,544				1,506,172				356,196				108,687
Total Earnings (Deficit) Before Fixed Charges	129,176,521				117,545,969				305,220,785				(1,119,414,978		)		(230,397,468		)		64,071,274
Fixed Charges
Interest Expense	13,874,909				32,709,056				42,105,676				58,360,387				64,485,623				49,404,601
Capitalized Interest	5,929,473				5,976,981				4,409,544				1,506,172				356,196				108,687
Estimated Interest Component of Rent	15,216				2,263				2,164				3,380				12,796				11,756
Total Fixed Charges	19,819,598				38,688,300				46,517,384				59,869,939				64,854,615				49,525,044
Ratio of Earnings (Deficit) to Fixed Charges⁽¹⁾	6.5x				3.0x				6.6x				^{— (2)}				^{— (2)}				1.3x

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(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 $359.8 million and $1,237.6 million, respectively, for the years ended December 31, 2016 and 2015 due primarily to non-cash impairment charges.