Parker Drilling (PKDC) 10-Q2018 Q1 Quarterly report

Filed: 2 May 18, 5:31pm

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Avg

New words: accelerated, acceleration, agent, approval, approve, approved, beneficial, billed, billing, blowout, borrow, borrowing, breach, bring, calendar, carefully, Certificate, competitive, constrained, context, cure, curing, dayrate, dedicate, deficiency, delay, delisting, deplete, derecognition, description, desirable, devote, directly, disadvantage, disaggregation, discretion, distinct, duration, economic, element, exacerbate, exceeding, expedient, extent, Failure, fall, fifteen, fixed, flexibility, fulfilled, fundamental, geographic, govern, governing, grace, Guatemala, hour, hourly, increment, incremental, incurrence, individual, Indonesia, influenced, instance, intensify, interrupted, invoiced, Iraq, Island, Kazakhstan, Kurdistan, Kuwait, Lending, length, lesser, lessor, life, likelihood, magnitude, medium, mitigating, modification, noncurrent, NYSE, obtain, obtaining, outlined, personnel, plant, predominant, prevent, previously, property, Proposed, put, quality, receipt, referenced, refinance, regain, region, rendered, replaced, reserve, resolved, restructure, reversal, reverse, Russia, safety, seeking, shown, split, stockholder, structure, targeted, thereof, thereto, till, unable, unconditional, unsatisfied, vulnerable, wholly

Removed: annum, application, applying, assured, Atlantic, authority, cap, capacity, classification, Coast, collection, compensation, concurrently, consulting, contractually, daywork, diversity, doubt, eliminating, employer, erosion, Eurodollar, fee, footnote, full, handling, Hibernia, historically, imposed, improved, incentive, initially, intended, interaction, intercompany, Junior, language, law, lessee, Lien, long, manner, master, met, model, objective, offset, platform, policy, practice, prospectively, reaching, reclassification, reinstated, relocate, responsibility, restricting, retain, retrospectively, SEC, shift, short, simplify, Simplifying, statutory, step, subsequent, Subtopic, termination, testing, translation, undrawn, virtually, withheld, withholding, work

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

Related press release

PKDC similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing

EXHIBIT 12.1

Parker Drilling Company

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)



	Three Months Ended March 31, 2018		Fiscal Year Ended December 31,
	Three Months Ended March 31, 2018		2017		2016		2015		2014		2013
Pretax income (loss)	(27,192	)	(109,661	)	(156,644	)	(71,971	)	48,537		52,787
Fixed charges	11,240		44,231		45,974		45,379		45,436		50,196
Amortization of capitalized interest	935		3,810		3,916		3,793		3,939		4,058
Capitalized interest	—		(5	)	(162	)	(224	)	(1,171	)	(2,376	)
Earnings before income tax & fixed charges	(15,017	)	(61,625	)	(106,916	)	(23,023	)	96,741		104,665
Interest expense	11,240		44,226		45,812		45,155		44,265		47,820
Capitalized interest	—		5		162		224		1,171		2,376
Total fixed charges	11,240		44,231		45,974		45,379		45,436		50,196
Preferred dividends	906		3,051		—		—		—		—
Combined fixed charges and preferred stock dividends	12,146		47,282		45,974		45,379		45,436		50,196
Ratio of earnings to fixed charges	(1	)	(3	)	(3	)	(3	)	2.1x		2.1x
Ratio of earnings to combined fixed charges and preferred dividends	(2	)	(4	)	(5	)	(5	)	(5	)	(5	)


(1)	For the three months ended March 31, 2018, earnings were deficient to cover fixed charges by $15.0 million.


(2)	For the three months ended March 31, 2018, earnings were inadequate to cover combined fixed charges and preferred stock dividends by $15.9 million.


(3)	For the years ended December 31, 2017, 2016 and 2015, earnings were deficient to cover fixed charges by $61.6 million, $106.9 million and $23.0 million, respectively.


(4)	For the year ended December 31, 2017, earnings were inadequate to cover combined fixed charges and preferred stock dividends by $64.7 million.


(5)	The ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earning to fixed charges as there was no preferred stock outstanding for the respective years.

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.