EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
| Three Months Ended March 31, 2016 | Fiscal Year Ended December 31, | ||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||
| Pretax Income (Loss) | (32,339 | ) | (71,971 | ) | 48,537 | 52,787 | 70,977 | (65,412 | ) | ||||||||
| Fixed Charges | 11,604 | 45,380 | 45,436 | 50,196 | 43,782 | 41,865 | |||||||||||
| Amortization of Capitalized Interest | 952 | 3,793 | 3,939 | 4,058 | 1,887 | 1,557 | |||||||||||
| Capitalized Interest | (42 | ) | (224 | ) | (1,171 | ) | (2,376 | ) | (10,240 | ) | (19,271 | ) | |||||
| Earnings before Income Tax & Fixed Charges | (19,825 | ) | (23,022 | ) | 96,741 | 104,665 | 106,406 | (41,261 | ) | ||||||||
| Interest Expense | 11,562 | 45,155 | 44,265 | 47,820 | 33,542 | 22,594 | |||||||||||
| Capitalized Interest | 42 | 224 | 1,171 | 2,376 | 10,240 | 19,271 | |||||||||||
| Total Fixed Charges | 11,604 | 45,379 | 45,436 | 50,196 | 43,782 | 41,865 | |||||||||||
| Ratio of Earnings to Fixed Charges | (1 | ) | (2) | 2.1x | 2.1x | 2.4x | (3) | ||||||||||
(1) For the quarter ended March 31, 2016, earnings were deficient to cover fixed charges by $19.8 million.
(2) For the year ended December 31, 2015, earnings were deficient to cover fixed charges by $23.0 million.
(3) 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.