EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Six Months Ended June 30, 2016 | Fiscal Year Ended December 31, | ||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||
Pretax Income (Loss) | (73,074 | ) | (71,971 | ) | 48,537 | 52,787 | 70,977 | (65,412 | ) | ||||||||
Fixed Charges | 23,831 | 45,379 | 45,436 | 50,196 | 43,782 | 41,865 | |||||||||||
Amortization of Capitalized Interest | 1,900 | 3,793 | 3,939 | 4,058 | 1,887 | 1,557 | |||||||||||
Capitalized Interest | (82 | ) | (224 | ) | (1,171 | ) | (2,376 | ) | (10,240 | ) | (19,271 | ) | |||||
Earnings before Income Tax & Fixed Charges | (47,425 | ) | (23,023 | ) | 96,741 | 104,665 | 106,406 | (41,261 | ) | ||||||||
Interest Expense | 23,749 | 45,155 | 44,265 | 47,820 | 33,542 | 22,594 | |||||||||||
Capitalized Interest | 82 | 224 | 1,171 | 2,376 | 10,240 | 19,271 | |||||||||||
Total Fixed Charges | 23,831 | 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 six months ended June 30, 2016, earnings were deficient to cover fixed charges by $47.4 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.