Exhibit 12.1
 
Calculation of Ratio of Earnings to Fixed Charges
 
Northern Oil and Gas, Inc.
 
 
Year Ended December 31,
 
Six Months Ended
June 30, 2017
 
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
)
 
$
30,742,382

Add:
 

 
 

 
 

 
 
 
 
 
 
Fixed Charges
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

 
32,811,390

Subtract:
 

 
 

 
 

 
 
 
 
 
 
Capitalized Interest
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
356,196

 
71,768

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

 
117,545,969

 
305,220,785

 
(1,119,414,978
)
 
(230,397,468
)
 
63,482,004

Fixed Charges
 

 
 

 
 

 
 
 
 
 
 
Interest Expense
13,874,909

 
32,709,056

 
42,105,676

 
58,360,387

 
64,485,623

 
32,731,970

Capitalized Interest
5,929,473

 
5,976,981

 
4,409,544

 
1,506,172

 
356,196

 
71,768

Estimated Interest Component of Rent
15,216

 
2,263

 
2,164

 
3,380

 
12,796

 
7,652

Total Fixed Charges
19,819,598

 
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

 
32,811,390

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

 
3.0x

 
6.6x

 
-(2)

 
-(2)

 
1.9x

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