EX-12.1 4 h42086exv12w1.htm STATEMENT OF COMPUTATION OF RATIOS exv12w1
 

Exhibit 12.1
     For purposes of calculating the ratio of earnings to fixed charges, earnings consist of pretax income from continuing operations less undistributed earnings from unconsolidated affiliates (net of dividends) plus amortization of capitalized interest and fixed charges (excluding capitalized interest). Fixed charges consist of interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest. The following table sets forth Core Laboratories N.V.’s ratio of earnings to fixed charges for each of the periods indicated:
CORE LABORATORIES AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
                                                         
                                            Nine months ended  
    Year ended December 31,     September 30,  
    2001     2002     2003     2004     2005     2005     2006  
Fixed Charges:
                                                       
Interest on debt and capitalized leases
    7,921,000       7,603,000       7,669,000       8,275,000       8,277,000       6,034,000       4,785,000  
Amortization of debt discount and expense
    544,000       247,000       168,000       255,000       685,000       228,000       86,000  
Interest element of rentals
    2,900,461       2,538,049       3,054,580       3,285,846       3,173,122       2,284,196       2,607,269  
     
Total Fixed Charges
    11,365,461       10,388,049       10,891,580       11,815,846       12,135,122       8,546,196       7,478,269  
     
 
                                                       
Earnings:
                                                       
Consolidated net income
    20,632,000       (9,062,000 )     18,700,000       12,290,000       31,211,000       26,462,000       57,489,000  
Addback:
                                                       
Extraordinary charge/Cumm change in Acctg Principle
          15,540,000                                
Loss from discontinued operation
    2,810,000       3,116,000       2,092,000       15,732,000       506,000              
Consolidated provision for income taxes
    9,103,000       5,782,000       7,457,000       10,217,000       14,925,000       11,834,000       24,521,000  
Fixed charges less interest capitalized
    11,365,461       10,388,049       10,891,580       11,815,846       12,135,122       8,546,196       7,478,269  
     
 
                                                       
Subtotal Earnings
    43,910,461       25,764,049       39,140,580       50,054,846       58,777,122       46,842,196       89,488,269  
Less: Undistributed earning of less-than-50% owned affiliates
    150,000       161,000       52,000       (265,000 )     36,000       44,000       (53,000 )
     
 
                                                       
Total Earnings
    43,760,461       25,603,049       39,088,580       50,319,846       58,741,122       46,798,196       89,541,269  
     
 
                                                       
Ratio (Earnings Divided by Fixed Charges)
    3.9       2.5       3.6       4.3       4.8       5.5       12.0