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, 2018
 
2013
 
2014
 
2015
 
2016
 
2017
 
Earnings (Deficit) Before Income Taxes
$
84,834,650

 
$
263,112,945

 
$
(1,177,778,745
)
 
$
(294,895,887
)
 
$
(10,763,788
)
 
$
(93,581,601
)
Add:
 

 
 

 
 
 
 
 
 
 
 
Fixed Charges
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

 
70,450,324

 
45,591,817

Subtract:
 

 
 

 
 
 
 
 
 
 
 
Capitalized Interest
5,976,981

 
4,409,544

 
1,506,172

 
356,196

 
147,775

 
73,235

Total Earnings (Deficit) Before Fixed Charges
117,545,969

 
305,220,785

 
(1,119,414,978
)
 
(230,397,468
)
 
59,538,761

 
(48,063,019
)
Fixed Charges
 

 
 

 
 
 
 
 
 
 
 
Interest Expense
32,709,056

 
42,105,676

 
58,360,387

 
64,485,623

 
70,286,341

 
45,510,134

Capitalized Interest
5,976,981

 
4,409,544

 
1,506,172

 
356,196

 
147,775

 
73,235

Estimated Interest Component of Rent
2,263

 
2,164

 
3,380

 
12,796

 
16,208

 
8,448

Total Fixed Charges
38,688,300

 
46,517,384

 
59,869,939

 
64,854,615

 
70,450,324

 
45,591,817

Ratio of Earnings (Deficit) to Fixed Charges(1)
3.0x

 
6.6x

 
(18.7)x(2)

 
(3.6)x(2)

 
0.9x(2)

 
(1.1)x(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 fix charges by approximately $10.9 million for the year ended December 31, 2017. Earnings were insufficient to cover fixed charges by approximately $295.3 million and $1,179.3 million for the years ended December 31, 2016 and 2015, respectively, due primarily to a non-cash impairment charge.

(3)
Earnings were insufficient to cover fix charges by approximately $93.7 million for the six months ended June 30, 2018 due primarily to a non-cash loss on the extinguishment of debt.