Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
Northern Oil and Gas, Inc.

 
Year Ended December 31,
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings (Deficit) Before Income Taxes
$
115,286,396

 
$
84,834,650

 
$
263,112,945

 
$
(1,177,778,745
)
 
$
(294,895,887
)
Add:
 

 
 

 
 

 
 

 
 
Fixed Charges
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

Subtract:
 

 
 

 
 

 
 

 
 
Capitalized Interest
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
356,196

Total Earnings (Deficit) Before Fixed Charges
129,176,521

 
117,545,969

 
305,220,785

 
(1,119,414,978
)
 
(230,397,468
)
Fixed Charges
 

 
 

 
 

 
 

 
 
Interest Expense
13,874,909

 
32,709,056

 
42,105,676

 
58,360,387

 
64,485,623

Capitalized Interest
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
356,196

Estimated Interest Component of Rent
15,216

 
2,263

 
2,164

 
3,380

 
12,796

Total Fixed Charges
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

Ratio of Earnings (Deficit) to Fixed Charges(1)
6.5x

 
3.0x

 
6.6x

 
-(2)

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