Exhibit 12.1
Independence Contract Drilling, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Six Months Ended June 30, | Fiscal Year Ended December 31, | |||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Loss before income taxes | $ | (7,529 | ) | $ | (24,011 | ) | $ | (21,976 | ) | $ | (8,205 | ) | $ | (31,526 | ) | $ | (3,879 | ) | ||||||
Add: Fixed charges | 2,782 | 4,398 | 4,004 | 5,370 | 3,688 | 1,360 | ||||||||||||||||||
Add: Amortization of capitalized interest | 73 | 139 | 135 | 104 | 40 | 2 | ||||||||||||||||||
Less: Capitalized interest | (168 | ) | (126 | ) | (138 | ) | (857 | ) | (1,021 | ) | (382 | ) | ||||||||||||
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Total earnings, as defined | $ | (4,842 | ) | $ | (19,599 | ) | $ | (17,975 | ) | $ | (3,588 | ) | $ | (28,819 | ) | $ | (2,899 | ) | ||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest expense, net of capitalized interest (1) | $ | 1,881 | $ | 2,983 | $ | 3,045 | $ | 3,254 | $ | 1,648 | $ | 257 | ||||||||||||
Capitalized interest | 168 | 126 | 138 | 857 | 1,021 | 382 | ||||||||||||||||||
Portion of rental expense which represents interest factor | 733 | 1,289 | 821 | 1,258 | 1,019 | 721 | ||||||||||||||||||
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Total fixed charges, as defined | $ | 2,782 | $ | 4,398 | $ | 4,004 | $ | 5,370 | $ | 3,688 | $ | 1,360 | ||||||||||||
Ratio of earnings to fixed charges (2) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
(1) Interest expense includes amortized capitalized expenses related to indebtedness. (2) Earnings were inadequate to cover fixed charges by $7.6 million for the six months ended June 30, 2018 and $24.0 million, $22.0 million, $9.0 million, $32.5 million and $4.3 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively. |
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