Exhibit 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratio amounts)
| Fiscal Year Ended March 31, | Three Months Ended June 30, 2015 | |||||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||
Income from continuing operations before provisions of income taxes and non-controlling interests | $ | 140,399 | $ | 79,442 | $ | 166,677 | $ | 244,991 | $ | 111,473 | $ | 1,004 | ||||||||||||
Add: amortization of capitalized interest | 2,269 | 2,809 | 2,786 | 2,682 | 2,598 | 644 | ||||||||||||||||||
Add: fixed charges (from below) | 61,929 | 58,428 | 71,504 | 94,305 | 99,797 | 29,226 | ||||||||||||||||||
Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | (6,221 | ) | 5,486 | (9,244 | ) | 1,629 | 9,418 | (5,530 | ) | |||||||||||||||
Less: capitalized interest | (6,010 | ) | (4,966 | ) | (6,594 | ) | (14,104 | ) | (14,559 | ) | (3,371 | ) | ||||||||||||
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Earnings | $ | 192,366 | $ | 141,199 | $ | 225,129 | $ | 329,503 | $ | 208,727 | $ | 21,973 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on indebtedness (1) | $ | 46,187 | $ | 38,130 | $ | 42,446 | $ | 44,938 | $ | 30,310 | $ | 7,890 | ||||||||||||
Capitalized | 6,010 | 4,966 | 6,594 | 14,104 | 14,559 | 3,371 | ||||||||||||||||||
Interest portion of rental expense | 9,732 | 15,332 | 22,464 | 35,263 | 54,928 | 17,965 | ||||||||||||||||||
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Fixed charges: | $ | 61,929 | $ | 58,428 | $ | 71,504 | $ | 94,305 | $ | 99,797 | $ | 29,226 | ||||||||||||
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Ratio of earnings to fixed charges (earnings divided by fixed charges) | 3.1 | 2.4 | 3.1 | 3.5 | 2.1 | 0.8 | ||||||||||||||||||
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| (1) | Includes amortization of debt issuance costs. |
