Exhibit 12.1
OIL STATES INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(DOLLARS IN THOUSANDS)
For the | ||||||||||||||||||||||||
nine months | ||||||||||||||||||||||||
ended | For the years ended December 31, | |||||||||||||||||||||||
September 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income before income taxes | $ | 324,524 | $ | 626,895 | $ | 455,069 | $ | 240,628 | $ | 105,709 | $ | 373,450 | ||||||||||||
Income from equity investees | 759 | (243 | ) | 163 | (239 | ) | (1,452 | ) | (4,035 | ) | ||||||||||||||
Income before income taxes beforeadjustment from equity investees | 325,283 | 626,652 | 455,232 | 240,389 | 104,257 | 369,415 | ||||||||||||||||||
Fixed charges | 67,074 | 77,387 | 66,976 | 20,305 | 18,437 | 26,325 | ||||||||||||||||||
Amortization of capitalized interest | 548 | 1,021 | 667 | 132 | 115 | 110 | ||||||||||||||||||
Distributed income of equity investees | - | 3 | 15 | 96 | - | 1,052 | ||||||||||||||||||
Capitalized interest | (759 | ) | (3,541 | ) | (5,348 | ) | (171 | ) | (51 | ) | - | |||||||||||||
Noncontrolling interests in subs that havenot incurred fixed charges | (1,086 | ) | (1,239 | ) | (969 | ) | (587 | ) | (498 | ) | (446 | ) | ||||||||||||
Total earnings available for fixed charges | $ | 391,061 | $ | 700,283 | $ | 516,573 | $ | 260,164 | $ | 122,260 | $ | 396,456 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 52,414 | $ | 57,330 | $ | 43,005 | $ | 7,322 | $ | 7,464 | $ | 16,251 | ||||||||||||
Capitalized interest | 759 | 3,541 | 5,348 | 171 | 51 | - | ||||||||||||||||||
Amortization of debt discount | - | 4,106 | 7,786 | 7,249 | 6,749 | 6,283 | ||||||||||||||||||
Amortization of debt issue costs | 9,202 | 7,301 | 6,497 | 1,703 | 1,053 | 1,051 | ||||||||||||||||||
Interest component of rent | 4,699 | 5,109 | 4,340 | 3,860 | 3,120 | 2,740 | ||||||||||||||||||
Total fixed charges | $ | 67,074 | $ | 77,387 | $ | 66,976 | $ | 20,305 | $ | 18,437 | $ | 26,325 | ||||||||||||
Ratio of earnings to fixed charges | 5.83 | 9.05 | 7.71 | 12.81 | 6.63 | 15.06 |