EX-12.1 4 h54629exv12w1.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES exv12w1
 

Exhibit 12.1
National Oilwell Varco, Inc.
Ratio of Earnings to Fixed Charges
(In millions, except for ratios)
                                         
    Years Ended December 31,  
    2007     2006     2005     2004     2003  
Income from continuing operations before income taxes and minority interest
   $ 2,028.9     $ 1,049.2     $ 430.0     $ 138.9     $ 121.8  
Add:
                                        
Fixed charges (see below)
     95.2       82.1       73.6       46.2       47.5  
     
Earnings before provision for taxes and fixed charges
     2,124.1       1,131.3       503.6       185.1       169.3  
     
Estimated interest within rental expense
     44.9       33.4       20.7       7.8       8.6  
     
Interest expense on indebtedness
     50.3       48.7       52.9       38.4       38.9  
     
Total fixed charges
     95.2       82.1       73.6       46.2       47.5  
 
Ratio of earnings to fixed charges
     22.3 x     13.8 x     6.8 x     4.0 x     3.6 x