Exhibit 12.1

W&T OFFSHORE, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(In thousands, except ratios)

 

     Three
Months
Ended
March 31,
2009		                             
     Year Ended December 31,
     2008     2007     2006     2005    2004

Income (loss) before income tax expense (benefit)

    $ (230,737 )   $ (828,482 )   $ 215,759     $ 306,354     $ 290,026    $ 229,490

Add: Fixed charges

      13,120       56,961       66,006       32,891       2,967      3,581

Less: Capitalized interest

      (1,782 )     (19,292 )     (25,100 )     (13,238 )     —        —  
                                             

Earnings (loss) before fixed charges

    $ (219,399 )   $ (790,813 )   $ 256,665     $ 326,007     $ 292,993    $ 233,071
                                             

Fixed charges:

              

Interest expense, net of amounts capitalized

    $ 10,727     $ 34,709     $ 37,088     $ 17,180     $ 1,145    $ 2,118

Capitalized interest

      1,782       19,292       25,100       13,238       —        —  

Portion of rental expense representative of an interest factor

      611       2,960       3,818       2,473       1,822      1,463
                                             

Total fixed charges

      13,120       56,961       66,006       32,891       2,967      3,581

Preferred stock dividends (1)

      —         —         —         —         —        1,385
                                             

Combined fixed charges and preferred stock dividends

    $ 13,120     $ 56,961     $ 66,006     $ 32,891     $ 2,967    $ 4,966
                                             

Ratio of earnings to fixed charges (2)

      —         —         3.9       9.9       98.8      65.1
                                             

Ratio of earnings to combined fixed charges and preferred stock dividends (2)

      —         —         3.9       9.9       98.8      46.9
                                             

 

(1) Preferred stock dividends are adjusted to reflect the amount of pre-tax earnings required for payment. In connection with our initial public offering in January 2005, all outstanding shares of our preferred stock were converted into our common stock.
(2) In 2008 and for the three months ended March 31, 2009, earnings were insufficient to cover fixed charges by $847.8 million and $232.5 million, respectively, and therefore no ratios are shown.