EXHIBIT 12.1
FLOTEK INDUSTRIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited, in thousands, except for ratio)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Six months ended June 30, | | Year ended December 31, |
| 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
COMPUTATION OF EARNINGS: | | | | | | | | | | | |
Income (loss) from continuing operations before income taxes | $ | (2,628 | ) | | $ | 3,144 |
| | $ | 10,634 |
| | $ | 56,870 |
| | $ | 35,896 |
| | $ | 19,993 |
|
Add: | | | | | | | | | | | |
Fixed charges, as defined | 1,571 |
| | 2,831 |
| | 2,117 |
| | 1,823 |
| | 2,132 |
| | 8,382 |
|
Subtract: | | | | | | | | | | | |
Capitalized interest | — |
| | — |
| | — |
| | — |
| | — |
| | (91 | ) |
Earnings (loss), as defined | $ | (1,057 | ) | | $ | 5,975 |
| | $ | 12,751 |
| | $ | 58,693 |
| | $ | 38,028 |
| | $ | 28,284 |
|
| | | | | | | | | | | |
COMPUTATION OF FIXED CHARGES: | | | | | | | | |
Interest expense, including capitalized interest | $ | 1,145 |
| | $ | 1,979 |
| | $ | 1,521 |
| | $ | 1,373 |
| | $ | 1,766 |
| | $ | 8,059 |
|
Estimate of interest within rental expense (1) | 426 |
| | 852 |
| | 596 |
| | 450 |
| | 366 |
| | 323 |
|
Fixed charges, as defined | $ | 1,571 |
| | $ | 2,831 |
| | $ | 2,117 |
| | $ | 1,823 |
| | $ | 2,132 |
| | $ | 8,382 |
|
| | | | | | | | | | | |
Ratio of earnings to fixed charges | N/A |
| | 2.11 |
| | 6.02 |
| | 32.20 |
| | 17.84 |
| | 3.37 |
|
Deficiency of earnings to cover fixed charges | $ | (2,628 | ) | | N/A |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
|
| |
(1) | One-third of rental expense is deemed to be representative of interest. |