Exhibit 12.1

W&T OFFSHORE, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

 

     Year Ended December 31,
     2007     2006     2005    2004    2003

Income before income taxes

    $ 215,759     $ 306,354     $ 290,026    $ 229,490    $ 177,594

Add: Fixed charges

      66,006       32,891       2,967      3,581      3,822

Less: Capitalized interest

      (25,100 )     (13,238 )     —        —        —  
                                    

Earnings before fixed charges

    $ 256,665     $ 326,007     $ 292,993    $ 233,071    $ 181,416
                                    

Fixed charges:

             

Interest expense, net of amounts capitalized

    $ 37,088     $ 17,180     $ 1,145    $ 2,118    $ 2,508

Capitalized interest

      25,100       13,238       —        —        —  

Portion of rental expense representative of an interest factor

      3,818       2,473       1,822      1,463      1,314
                                    

Total fixed charges

      66,006       32,891       2,967      3,581      3,822

Preferred stock dividends (1)

      —         —         —        1,385      8,957
                                    

Combined fixed charges and preferred stock dividends

    $ 66,006     $ 32,891     $ 2,967    $ 4,966    $ 12,779
                                    

Ratio of earnings to fixed charges

      3.9       9.9       98.8      65.1      47.5
                                    

Ratio of earnings to combined fixed charges and preferred stock dividends

      3.9       9.9       98.8      46.9      14.2
                                    

 

(1) Preferred stock dividends are adjusted to reflect the amount of pre-tax earnings required for payment. In connection with our initial public offering in January 2005, all outstanding shares of our preferred stock were converted into our common stock.