Exhibit 12.1
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratio amounts)
| Historical | Pro Forma | |||||||||||||||||||||||||||||||
| Six Months Ended September 30, 2017 | Fiscal Year Ended March 31, | Six Months Ended September 30, 2017 | Fiscal Year Ended March 31, 2017 | |||||||||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
Income from continuing operations before provisions of income taxes andnon-controlling interests | $ | (71,177 | ) | $ | (144,302 | ) | $ | (79,231 | ) | $ | 111,473 | $ | 244,991 | $ | 166,677 | $ | (74,316 | ) | $ | (147,509 | ) | |||||||||||
Add: amortization of capitalized interest | 1,603 | 2,708 | 2,584 | 2,598 | 2,682 | 2,786 | 1,603 | 2,708 | ||||||||||||||||||||||||
Add: fixed charges (from below) | 75,537 | 131,893 | 116,367 | 99,797 | 94,305 | 71,504 | 79,246 | 139,369 | ||||||||||||||||||||||||
Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received | (1,190 | ) | (4,438 | ) | 2,619 | 9,418 | 1,629 | (9,244 | ) | (1,190 | ) | (4,438 | ) | |||||||||||||||||||
Less: capitalized interest | (1,956 | ) | (10,169 | ) | (10,575 | ) | (14,559 | ) | (14,104 | ) | (6,594 | ) | (2,241 | ) | (12,304 | ) | ||||||||||||||||
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Earnings | $ | 2,817 | $ | (24,308 | ) | $ | 31,764 | $ | 208,727 | $ | 329,503 | $ | 225,129 | $ | 3,102 | $ | (22,174 | ) | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||
Interest on indebtedness(1) | $ | 34,952 | $ | 50,862 | $ | 35,186 | $ | 30,310 | $ | 44,938 | $ | 42,446 | $ | 38,376 | $ | 56,203 | ||||||||||||||||
Capitalized | 1,956 | 10,169 | 10,575 | 14,559 | 14,104 | 6,594 | 2,241 | 12,304 | ||||||||||||||||||||||||
Interest portion of rental expense | 38,629 | 70,862 | 70,606 | 54,928 | 35,263 | 22,464 | 38,629 | 70,862 | ||||||||||||||||||||||||
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Fixed charges: | $ | 75,537 | $ | 131,893 | $ | 116,367 | $ | 99,797 | $ | 94,305 | $ | 71,504 | $ | 79,246 | $ | 139,369 | ||||||||||||||||
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Ratio of earnings to fixed charges (earnings divided by fixed charges) | * | * | * | 2.1 | 3.5 | 3.1 | * | * | ||||||||||||||||||||||||
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| (1) | Includes amortization of debt issuance costs. |
| * | Earnings for fiscal year 2016 and 2017 and the six months ended September 30, 2017 were inadequate to cover fixed charges by $84.6 million, $156.2 million, and $72.7 million, respectively. Earnings to fiscal year 2017 and the six months ended September 30, 217 on a pro forma basis were inadequate to cover fixed charges by $161.5 million and $76.1 million, respectively. |