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EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Fiscal Year Ended December 31, | ||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Pretax Income (Loss) | (156,644 | ) | (71,971 | ) | 48,537 | 52,787 | 70,977 | |||||||
Fixed Charges | 45,974 | 45,379 | 45,436 | 50,196 | 43,782 | |||||||||
Amortization of Capitalized Interest | 3,916 | 3,793 | 3,939 | 4,058 | 1,887 | |||||||||
Capitalized Interest | (162 | ) | (224 | ) | (1,171 | ) | (2,376 | ) | (10,240 | ) | ||||
Earnings (Loss) before Income Tax & Fixed Charges | (106,916 | ) | (23,023 | ) | 96,741 | 104,665 | 106,406 | |||||||
Interest Expense | 45,812 | 45,155 | 44,265 | 47,820 | 33,542 | |||||||||
Capitalized Interest | 162 | 224 | 1,171 | 2,376 | 10,240 | |||||||||
Total Fixed Charges | 45,974 | 45,379 | 45,436 | 50,196 | 43,782 | |||||||||
Ratio of Earnings to Fixed Charges | (1 | ) | (2 | ) | 2.1x | 2.1x | 2.4x |
(1) For the year ended December 31, 2016, earnings were deficient to cover fixed charges by $106.9 million.
(2) For the year ended December 31, 2015, earnings were deficient to cover fixed charges by $23.0 million.
For the purposes of this table (i) "earnings" consist of our consolidated income from continuing operations before income taxes and fixed charges and (ii) "fixed charges" consist of interest expense, amortization of deferred financing cost and the portion of rental expense representing interest.