SUPERIOR ENERGY SERVICES
Computation of Ratio of Earnings to Fixed Charges
(Thousands of dollars, except ratios)
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| Years Ended December 31, | |||||||||
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| 2017 | 2016 | 2015 | 2014 | 2013 | |||||
Earnings available for fixed charges: |
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Income (loss) from continuing operations |
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before income taxes |
| $ | (377,751) | $ | (1,100,341) | $ | (2,059,783) | $ | 442,189 | $ | 100,757 |
Plus: |
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Fixed charges |
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| 106,569 |
| 98,260 |
| 100,852 |
| 102,869 |
| 116,612 |
Distributed income of equity investees |
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| - |
| - |
| - |
| - |
| - |
Amortization of interest capitalized |
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| 4,541 |
| 5,959 |
| 5,829 |
| 5,637 |
| 3,903 |
Subtotal |
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| (266,641) |
| (996,122) |
| (1,953,102) |
| 550,695 |
| 221,272 |
Less: |
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Loss of equity investments |
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| - |
| - |
| - |
| - |
| - |
Interest capitalized |
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| - |
| - |
| (650) |
| (960) |
| (8,675) |
Total earnings (loss) available for fixed charges |
| $ | (266,641) | $ | (996,122) | $ | (1,952,452) | $ | 551,655 | $ | 229,947 |
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Fixed charges: |
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Interest expense |
| $ | 105,982 | $ | 97,335 | $ | 99,065 | $ | 100,903 | $ | 106,954 |
Interest capitalized |
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| - |
| - |
| 650 |
| 960 |
| 8,675 |
Interest within rental expense |
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| 587 |
| 925 |
| 1,137 |
| 1,006 |
| 983 |
Total fixed charges |
| $ | 106,569 | $ | 98,260 | $ | 100,852 | $ | 102,869 | $ | 116,612 |
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Ratio of earnings to fixed charges (1) |
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| 5.36 |
| 1.97 |
(1) | Total earnings (loss) available for fixed charges for the years ended December 31, 2017, 2016 and 2015 were insufficient to cover fixed charges by $0.4 million, $1.1 billion and $2.1 billion, respectively. |