EX-12.1 3 a11-32250_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Geokinetics Inc. and Subsidiaries

Statement Regarding Computation of Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (unaudited)

(in thousands)

 

Computation of Earnings:

 

2011

 

2010

 

2009

 

2008

 

2007

 

Net income (loss) before income taxes

 

(220,013

)

$

(133,874

)

$

10,917

 

$

10,254

 

$

(13,684

)

Add fixed charges (see below)

 

87,509

 

63,633

 

34,891

 

34,190

 

22,449

 

Earnings available to cover fixed charges

 

(132,504

)

(70,241

)

45,808

 

44,444

 

8,765

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest(1)

 

43,259

 

37,907

 

9,123

 

6,992

 

9,265

 

Amortization of debt cost and discount

 

4,939

 

2,791

 

560

 

336

 

875

 

Interest portion of rentals(2)

 

39,311

 

22,935

 

25,208

 

26,862

 

12,309

 

Total fixed charges

 

87,509

 

63,633

 

34,891

 

34,190

 

22,449

 

Preference security dividend(3)

 

14,940

 

16,389

 

40,352

 

11,713

 

9,011

 

Total fixed charges and preferred stock dividends

 

$

102,449

 

$

80,022

 

$

75,243

 

$

45,903

 

$

31,460

 

Deficiency of earnings available to cover fixed charges

 

(220,013

)

(133,874

)

—

 

—

 

(13,684

)

Deficiency of earnings to cover fixed charges and preferred stock dividends

 

(234,953

)

(150,263

)

(29,435

)

(1,459

)

(22,695

)

Ratio of earnings to fixed charges

 

 

 

 

 

1.31

 

1.30

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

(1)                                 Includes interest expense and capitalized interest.

 

(2)                                 Represents an estimate of the interest within rental expense.

 

(3)                                 Represents pre-tax earnings required to pay dividends on outstanding preference securities.