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, 2016
 
2011
 
2012
 
2013
 
2014
 
2015
 
Earnings (Deficit) Before Income Taxes
$
67,446,792

 
$
115,286,396

 
$
84,834,650

 
$
263,112,945

 
$
(1,177,778,745
)
 
$
(281,163,310
)
Add:
 

 
 

 
 

 
 

 
 
 
 
Fixed Charges
1,006,306

 
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
48,581,792

Subtract:
 

 
 

 
 

 
 

 
 
 
 
Capitalized Interest
405,984

 
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
289,409

Total Earnings (Deficit) Before Fixed Charges
68,047,114

 
129,176,521

 
117,545,969

 
305,220,785

 
(1,119,414,978
)
 
(232,870,927
)
Fixed Charges
 

 
 

 
 

 
 

 
 
 
 
Interest Expense
585,982

 
13,874,909

 
32,709,056

 
42,105,676

 
58,360,387

 
48,290,447

Capitalized Interest
405,984

 
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
289,409

Estimated Interest Component of Rent
14,340

 
15,216

 
2,263

 
2,164

 
3,380

 
1,936

Total Fixed Charges
1,006,306

 
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
48,581,792

Ratio of Earnings (Deficit) to Fixed Charges(1)
67.6x

 
6.5x

 
3.0x

 
6.6x

 
-(2)

 
-(3)

_______________
 
(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 $1,237.6 million for the year ended December 31, 2015 due primarily to a non-cash impairment charge.

(3)
Earnings were insufficient to cover fixed charges by approximately $329.7 million for the nine months ended September 30, 2016 due primarily to a non-cash impairment charge.