EX-12.1 9 mdr-ex121_12.htm EX-12.1 mdr-ex121_12.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows (in thousands):

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before provision for income taxes and noncontrolling interest

$

78,225

 

 

$

43,124

 

 

$

(45,321

)

 

$

(440,859

)

 

$

330,942

 

Interest expense and other

 

63,399

 

 

 

57,894

 

 

 

62,919

 

 

 

5,748

 

 

 

(372

)

Portion of rents representative of the interest factor(1)

 

11,994

 

 

 

13,480

 

 

 

35,516

 

 

 

38,850

 

 

 

20,239

 

 

$

153,618

 

 

$

114,498

 

 

$

53,114

 

 

$

(396,261

)

 

$

350,809

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amount capitalized

$

74,624

 

 

$

73,603

 

 

$

85,361

 

 

$

8,886

 

 

$

8,568

 

Portion of rents representative of the interest factor(1)

 

11,994

 

 

 

13,480

 

 

 

35,516

 

 

 

38,850

 

 

 

20,239

 

 

$

86,618

 

 

$

87,083

 

 

$

120,877

 

 

$

47,736

 

 

$

28,807

 

Ratio of earnings to fixed charges(2)

1.77x

 

 

1.31x

 

 

—

 

 

—

 

 

12.18x

 

 

(1)

33% of rental expense

(2)

For 2014 and 2013, earnings were deficient to cover fixed charges by $67,763 and $443,997, respectively, primarily as a result of operating losses.