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.