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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>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
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2000 1999 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Earnings (loss) before income taxes 26,900 (849) 16,867 (256,060) (28,534) 16,666 7,488
Add back:
Interest expense(2) 12,784 10,608 22,879 13,211 5,149 2,582 2,589
Interest portion of rental expense 384 196 568 287 245 216 191
Subtract back:
Preference security dividend (2,700) (2,700) (5,400) (2,700) -- -- --
------ ------ -------- -------- -------- -------- --------
Earnings as adjusted 37,368 7,255 34,914 (245,262) (23,140) 19,464 10,268
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Fixed charges:
Interest expense 12,784 10,608 22,879 13,211 5,149 2,582 2,589
Interest portion of rental expense 384 196 568 287 245 216 191
Preference security dividend 2,700 2,700 5,400 2,700 -- -- --
------ ------ -------- -------- -------- -------- --------
15,868 13,504 28,847 16,198 5,394 2,798 2,780
====== ====== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.35x (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 six months ended June 30, 1999 were
insufficient to cover fixed charges by $6.2 million.
(2) Includes amortization of debt expense.
