Pride International (PDE) Inactive 10-K2006 FY Annual report

Filed: 1 Mar 07, 12:00am

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EXHIBIT 12

Ratio of Earnings to Fixed Charges Computation


	Year Ended December 31,
	2006			2005			2004			2003			2002
	(In millions except ratio of earnings to fixed charges)
Earnings:

Income from continuing operations before income taxes and minority interest	$	475.8		$	248.7		$	113.8		$	104.5		$	0.3

Portion of rents representative of interest expense		14.9			8.7			6.1			5.9			3.0
Interest on indebtedness, including amortization of deferred loan costs		78.4			88.1			103.3			116.0			124.0
Amortization of capitalized interest
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		(0.6	)		(5.6	)		(3.8	)		(2.8	)		(2.1	)

Earnings, as adjusted		568.4			339.9			219.4			223.6			125.2


Fixed Charges:

Portion of rents representative of interest expense	$	14.9		$	8.7		$	6.1		$	5.9		$	3.0
Interest on indebtedness, including amortization of deferred loan costs		78.3			88.1			103.3			116.0			124.0
Capitalized interest		0.0			0.5			1.2			1.2			1.9


Total fixed charges	$	93.2		$	97.3		$	110.6		$	123.1		$	128.9


Ratio of earnings to fixed charges		6.10x			3.49x			1.98x			1.82x			—

For the year ended December 31, 2002, our earnings were inadequate to cover our fixed charges by $3.7 million.