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EXHIBIT 12.1
THE MERIDIAN RESOURCE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($000)
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<CAPTION>
THREE MONTHS ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
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2000 1999 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Earnings (loss) before income taxes 10,851 (3,639) 16,867 (256,060) (28,534) 16,666 7,488
Add back:
Interest expense(2) 6,332 5,055 22,879 13,211 5,149 2,582 2,589
Interest portion of rental expense 184 111 568 287 245 216 191
Subtract back:
Preference security dividend (1,350) (1,350) (5,400) (2,700) -- -- --
-------- -------- -------- -------- -------- -------- --------
Earnings as adjusted 16,017 177 34,914 (245,262) (23,140) 19,464 10,268
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Fixed charges:
Interest expense 6,332 5,055 22,879 13,211 5,149 2,582 2,589
Interest portion of rental expense 184 111 568 287 245 216 191
Preference security dividend 1,350 1,350 5,400 2,700 -- -- --
-------- -------- -------- -------- -------- -------- --------
7,866 6,516 28,847 16,198 5,394 2,798 2,780
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.04 (1) 1.21 (1) (1) 6.96 3.69
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(1) Earnings were insufficient to cover fixed charges by $261.5 million and
$28.5 million for the years ended December 31, 1998 and 1997,
respectively. Earnings for the three months ended March 31, 1999 were
insufficient to cover fixed charges by $6.3 million.
(2) Includes amortization of debt expense.
