Exhibit 12.1
OIL STATES INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(DOLLARS IN THOUSANDS)
| | | | For the | | | | | | | | | | | | | | | | | | | | | |
| | | | six months | | | | | | | | | | | | | | | | | | | | | |
| | | | ended | | | For the years ended December 31, | |
| | | | June 30, 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings | | | | | | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | $ | 250,558 | | | $ | 626,895 | | | $ | 455,069 | | | $ | 240,628 | | | $ | 105,709 | | | $ | 373,450 | |
| Income from equity investees | | | 766 | | | | (243 | ) | | | 163 | | | | (239 | ) | | | (1,452 | ) | | | (4,035 | ) |
| Income before income taxes before adjustment from equity investees | | | 251,324 | | | | 626,652 | | | | 455,232 | | | | 240,389 | | | | 104,257 | | | | 369,415 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed charges | | | 43,535 | | | | 77,387 | | | | 66,976 | | | | 20,305 | | | | 18,437 | | | | 26,325 | |
| Amortization of capitalized interest | | | 537 | | | | 1,021 | | | | 667 | | | | 132 | | | | 115 | | | | 110 | |
| Distributed income of equity investees | | | - | | | | 3 | | | | 15 | | | | 96 | | | | - | | | | 1,052 | |
| Capitalized interest | | | (534 | ) | | | (3,541 | ) | | | (5,348 | ) | | | (171 | ) | | | (51 | ) | | | - | |
| Noncontrolling interests in subs that have not incurred fixed charges | | | (739 | ) | | | (1,239 | ) | | | (969 | ) | | | (587 | ) | | | (498 | ) | | | (446 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total earnings available for fixed charges | | $ | 294,123 | | | $ | 700,283 | | | $ | 516,573 | | | $ | 260,164 | | | $ | 122,260 | | | $ | 396,456 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | $ | 35,629 | | | $ | 57,330 | | | $ | 43,005 | | | $ | 7,322 | | | $ | 7,464 | | | $ | 16,251 | |
| Capitalized interest | | | 534 | | | | 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 | | | 4,041 | | | | 7,301 | | | | 6,497 | | | | 1,703 | | | | 1,053 | | | | 1,051 | |
| Interest component of rent | | | 3,331 | | | | 5,109 | | | | 4,340 | | | | 3,860 | | | | 3,120 | | | | 2,740 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total fixed charges | | $ | 43,535 | | | $ | 77,387 | | | $ | 66,976 | | | $ | 20,305 | | | $ | 18,437 | | | $ | 26,325 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | | 6.76 | | | | 9.05 | | | | 7.71 | | | | 12.81 | | | | 6.63 | | | | 15.06 | |