EX-12.1 7 gokex121.htm EXHIBIT 12.1 GOK 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:
 
2012
 
2011
 
2010
 
2009
 
2008
Net income (loss) before income taxes
 
$
(68,043
)
 
$
(220,013
)
 
$
(133,874
)
 
$
10,917

 
$
10,254

Add fixed charges (see below)
 
81,302

 
87,509

 
63,633

 
34,891

 
34,190

Earnings available to cover fixed charges
 
13,259

 
(132,504
)
 
(70,241
)
 
45,808

 
44,444

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest(1)
 
47,998

 
43,259

 
37,907

 
9,123

 
6,992

Amortization of debt cost and discount
 
4,858

 
4,939

 
2,791

 
560

 
336

Interest portion of rentals(2)
 
28,446

 
39,311

 
22,935

 
25,208

 
26,862

Total fixed charges
 
81,302

 
87,509

 
63,633

 
34,891

 
34,190

Preference security dividend(3)
 
16,450

 
14,940

 
16,389

 
40,352

 
11,713

Total fixed charges and preferred stock dividends
 
$
97,752

 
$
102,449

 
$
80,022

 
$
75,243

 
$
45,903

Deficiency of earnings available to cover fixed charges
 
(68,043
)
 
(220,013
)
 
(133,874
)
 
—

 
—

Deficiency of earnings to cover fixed charges and preferred stock dividends
 
(84,493
)
 
(234,953
)
 
(150,263
)
 
(29,435
)
 
(1,459
)
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.