Exhibit 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratio amounts)
Fiscal Year Ended March 31, | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
Income from continuing operations before provisions of income taxes andnon-controlling interests | $ | 166,677 | $ | 244,991 | $ | 111,473 | $ | (79,231 | ) | $ | (144,302 | ) | ||||||||
Add: amortization of capitalized interest | 2,786 | 2,682 | 2,598 | 2,584 | 2,708 | |||||||||||||||
Add: fixed charges (from below) | 71,504 | 94,305 | 99,797 | 116,367 | 131,893 | |||||||||||||||
Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | (9,244 | ) | 1,629 | 9,418 | 2,619 | (4,438 | ) | |||||||||||||
Less: capitalized interest | (6,594 | ) | (14,104 | ) | (14,559 | ) | (10,575 | ) | (10,169 | ) | ||||||||||
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Earnings | $ | 225,129 | $ | 329,503 | $ | 208,727 | $ | 31,764 | $ | (24,308 | ) | |||||||||
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Fixed charges: | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on indebtedness (1) | $ | 42,446 | $ | 44,938 | $ | 30,310 | $ | 35,186 | $ | 50,862 | ||||||||||
Capitalized | 6,594 | 14,104 | 14,559 | 10,575 | 10,169 | |||||||||||||||
Interest portion of rental expense | 22,464 | 35,263 | 54,928 | 70,606 | 70,862 | |||||||||||||||
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Fixed charges: | $ | 71,504 | $ | 94,305 | $ | 99,797 | $ | 116,367 | $ | 131,893 | ||||||||||
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Ratio of earnings to fixed charges (earnings divided by fixed charges) | 3.1 | 3.5 | 2.1 | * | * | |||||||||||||||
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(1) | Includes amortization of debt issuance costs. |
* | Earnings for fiscal years 2016 and 2017 were inadequate to cover fixed charges by $84.6 million and $156.2 million, respectively. |