Exhibit 12.1
W&T Offshore, Inc.
Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
(Unaudited)
| Year Ended December 31, | Nine Months Ended Sept. 30, |
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| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||
| Income before income taxes |
$ | 177,594 | $ | 229,490 | $ | 290,026 | $ | 306,354 | $ | 215,759 | $ | 443,511 | |||||||||
| Add: Fixed charges |
3,822 | 3,581 | 2,967 | 32,891 | 66,006 | 42,466 | |||||||||||||||
| Less: Capitalized interest |
— | — | — | (13,238 | ) | (25,100 | ) | (15,040 | ) | ||||||||||||
| Earnings before fixed charges |
$ | 181,416 | $ | 233,071 | $ | 292,993 | $ | 326,007 | $ | 256,665 | $ | 470,937 | |||||||||
| Fixed charges: |
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| Interest expense, net of amounts capitalized |
$ | 2,508 | $ | 2,118 | $ | 1,145 | $ | 17,180 | $ | 37,088 | $ | 25,170 | |||||||||
| Capitalized interest |
— | — | — | 13,238 | 25,100 | 15,040 | |||||||||||||||
| Portion of rental expense representative of interest |
1,314 | 1,463 | 1,822 | 2,473 | 3,818 | 2,256 | |||||||||||||||
| Total fixed charges |
$ | 3,822 | $ | 3,581 | $ | 2,967 | $ | 32,891 | $ | 66,006 | $ | 42,466 | |||||||||
| Preferred stock dividends |
8,957 | 1,385 | — | — | — | — | |||||||||||||||
| Combined fixed charges and preferred stock dividends |
$ | 12,779 | $ | 4,966 | $ | 2,967 | $ | 32,891 | $ | 66,006 | $ | 42,466 | |||||||||
| Ratio of earnings to fixed charges |
47.5 | 65.1 | 98.8 | 9.9 | 3.9 | 11.1 | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
14.2 | 46.9 | 98.8 | 9.9 | 3.9 | 11.1 | |||||||||||||||