EX-12.1

Exhibit 12.1

W&T Offshore, Inc.

Ratio of Earnings to Fixed Charges

The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:


	Year Ended December 31,
	2017		2016			2015			2014			2013
	(in thousands except ratios)
	(unaudited)
Income (loss) before income taxes	$	67,113	$	(292,396	)	$	(1,247,702	)	$	(16,120	)	$	80,096
Add: Fixed charges		46,091		93,063			104,870			87,193			85,902
Add: Amortization of capitalized interest		—		5,207			40,158			4,538			4,380
Less: Capitalized Interest		—		(520	)		(7,256	)		(8,526	)		(10,058	)

Earnings before fixed charges	$	113,204	$	(194,646	)	$	(1,109,930	)	$	67,085		$	160,320

Fixed Charges:
Interest expense, net of capitalized interest	$	45,836	$	92,271		$	97,336		$	78,396		$	75,581
Capitalized interest		—		520			7,256			8,526			10,058
Portion of rental expense representative of an interest factor		255		272			278			271			263

Total fixed charges	$	46,091	$	93,063		$	104,870		$	87,193		$	85,902

Ratio of earnings to fixed charges		2.5		N/A	⁽¹⁾		N/A	⁽²⁾		N/A	⁽³⁾		1.9

(1)	The ratio was not meaningful. Earnings were inadequate to cover fixed charges for the year ended December 31, 2016 by $287.7 million, which included a ceiling test write-down of oil and gas properties of $279.1 million and a gain on exchange of debt of $123.9 million.

(2)	The ratio was not meaningful. Earnings were inadequate to cover fixed charges for the year ended December 31, 2015 by $1,214.8 million, which included a ceiling test write-down of oil and gas properties of $987.2 million.

(3)	The ratio was less than one-to-one coverage. Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million.