Exhibit 12.1
VAALCO Energy Inc.
Computation of Ratios of Earnings to Fixed Charges
(dollars in thousands)
| For the Three Months Ended 3/31/2014 |
Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| Earnings: |
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| Pre-tax income (loss) from continuing operations |
$ | (912 | ) | $ | 77,187 | $ | 87,152 | $ | 134,030 | $ | 77,647 | $ | 32,758 | |||||||||||
| Fixed Charges: |
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| Interest expense, including debt issue amortization |
— | — | — | — | — | 450 | ||||||||||||||||||
| Capitalized interest |
238 | — | — | — | — | — | ||||||||||||||||||
| Interest portion of rent expense |
941 | 3,679 | 3,398 | 2,536 | 2,705 | 2,584 | ||||||||||||||||||
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| Total fixed charges |
1,179 | 3,679 | 3,398 | 2,536 | 2,705 | 3,304 | ||||||||||||||||||
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| Earnings before fixed charges (excludes capitalized interest) |
$ | 31 | $ | 80,866 | $ | 90,550 | $ | 136,566 | $ | 80,352 | $ | 35,792 | ||||||||||||
| Ratio of earnings (loss) to fixed charges (2) |
— | (1) | 21.98 | x | 26.65 | x | 53.86 | x | 29.70 | x | 11.80 | x | ||||||||||||
| (1) | Earnings for the first quarter of 2014 were insufficient to cover fixed charges by $269 thousand. |
| (2) | 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. |