Exhibit 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratio amounts)
| Fiscal Year Ended March 31, | Nine Months Ended December 31, 2016 | |||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||||
Income from continuing operations before provisions of income taxes and non-controlling interests | $ | 79,442 | $ | 166,677 | $ | 244,991 | $ | 111,473 | $ | (79,231 | ) | $ | (108,265 | ) | ||||||||||
Add: amortization of capitalized interest | 2,809 | 2,786 | 2,682 | 2,598 | 2,584 | 1,998 | ||||||||||||||||||
Add: fixed charges (from below) | 58,428 | 71,504 | 94,305 | 99,797 | 116,367 | 95,984 | ||||||||||||||||||
Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | 5,486 | (9,244 | ) | 1,629 | 9,418 | 2,619 | (4,294 | ) | ||||||||||||||||
Less: capitalized interest | (4,966 | ) | (6,594 | ) | (14,104 | ) | (14,559 | ) | (10,575 | ) | (8,523 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings | $ | 141,199 | $ | 225,129 | $ | 329,503 | $ | 208,727 | $ | 31,764 | $ | (23,100 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on indebtedness(1) | $ | 38,130 | $ | 42,446 | $ | 44,938 | $ | 30,310 | $ | 35,186 | $ | 35,170 | ||||||||||||
Capitalized | 4,966 | 6,594 | 14,104 | 14,559 | 10,575 | 8,523 | ||||||||||||||||||
Interest portion of rental expense | 15,332 | 22,464 | 35,263 | 54,928 | 70,606 | 52,291 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | $ | 58,428 | $ | 71,504 | $ | 94,305 | $ | 99,797 | $ | 116,367 | $ | 95,984 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (earnings divided by fixed charges) | 2.4 | 3.1 | 3.5 | 2.1 | * | * | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (1) | Includes amortization of debt issuance costs. |
| * | Earnings for fiscal year 2016 and the nine months ended December 31, 2016 were inadequate to cover fixed charges by $84.6 million and $119.1 million, respectively. |
