EXHIBIT 12.1
St. Mary Land & Exploration Company
Computation of Ratios of Earnings to Fixed Charges
(dollars in thousands)
Years Ended December 31,
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2002 2001 2000 1999 1998
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Earnings:
Income (loss) from continuing
operations $ 27,560 $ 40,459 $ 55,620 $ 82 $ (8,831)
Income tax expense (benefit) 15,019 21,829 33,667 (406) (5,415)
Total fixed charges 4,714 904 1,043 1,451 1,854
Less capitalized interest 427 473 548 270 - -
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Total earnings $ 46,866 $ 62,719 $ 89,782 $ 857 $ (12,392)
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Fixed charges:
Interest expense $ 4,287 $ 431 $ 495 $ 1,181 $ 1,854
Capitalized interest 427 473 548 270 - -
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Total fixed charges $ 4,714 $ 904 $ 1,043 $ 1,451 $ 1,854
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Ratio of earnings to fixed charges 9.9 69.4 86.1 0.6(1) (6.7)(1)
Note: For purposes of computing St. Mary Land & Exploration Company's
ratios of earnings to fixed charges, "earnings" represent pretax
earnings from continuing operations plus fixed charges (excluding
capitalized interest). "Fixed charges" represent interest expensed and
capitalized. Interest expense includes the portion of operating rental
expense that St. Mary believes is representative of the interest
component of rental expense.
(1) Earnings in 1999 and 1998 were inadequate to cover fixed charges, with
a deficiency of $0.6 million and $14.3 million, respectively.