EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
|
| | | | | | | | | | | | | | | | | |
| | Nine Months Ended | | Fiscal Year Ended December 31, |
| | September 30, 2014 | | 2013 | | 2012 | | 2011 | | 2010 | | 2009 |
| Pretax Income | 30,415,378 |
| | 52,787,710 |
| | 70,977,206 |
| | (65,411,628 | ) | | 11,504,903 |
| | 9,826,774 |
|
| Fixed Charges | 34,284,278 |
| | 50,195,954 |
| | 43,782,341 |
| | 41,864,658 |
| | 40,294,016 |
| | 35,426,257 |
|
| Amortization of Capitalized Interest | 3,073,231 |
| | 4,058,459 |
| | 1,886,832 |
| | 1,556,952 |
| | 1,819,086 |
| | 1,974,592 |
|
| Capitalized Interest | (798,447 | ) | | (2,375,946 | ) | | (10,240,245 | ) | | (19,271,105 | ) | | (13,488,684 | ) | | (5,975,973 | ) |
| Earnings before Income Tax & Fixed Charges | 66,974,440 |
| | 104,666,177 |
| | 106,406,134 |
| | (41,261,123 | ) | | 40,129,321 |
| | 41,251,650 |
|
| Interest Expense | 33,485,831 |
| | 47,820,008 |
| | 33,542,096 |
| | 22,593,553 |
| | 26,805,332 |
| | 29,450,284 |
|
| Capitalized Interest | 798,447 |
| | 2,375,946 |
| | 10,240,245 |
| | 19,271,105 |
| | 13,488,684 |
| | 5,975,973 |
|
| Total Fixed Charges | 34,284,278 |
| | 50,195,954 |
| | 43,782,341 |
| | 41,864,658 |
| | 40,294,016 |
| | 35,426,257 |
|
| Ratio of Earnings to Fixed Charges | 2x |
| | 2.1x |
| | 2.4x |
| | (1 | ) | | 1.0x |
| | 1.2x |
|
(1) For the year ended December 31, 2011, earnings were deficient to cover fixed charges by $41.3 million, which was primarily due to a pre-tax, non-cash charge to earnings of $170.0 million related to the impairment of our two Alaska rigs.
