EX-12.01 2 exhibit120106302016.htm EXHIBIT 12.01 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 06302016 Exhibit


 
 
 
 
 
 
 
 
 
 
 
Exhibit 12.01
 
 
 
 
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
($ in thousands)
 
 
 
 
 
Six Months Ended
 
Year Ended December 31,
 
 
 
 
 
Jun 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed Charges:
 
Interest expensed and capitalized
 
$
14,438

 
$
27,475

 
$
5,420

 
$
2,194

 
$
4,218

 
$
1,096

(1
)
Amortized premiums, discounts and capital expenses related to indebtedness
 
—

 
—

 
395

 
261

 
261

 
—

 
Estimate of interest within rental expense
 
39,767

 
76,381

 
85,632

 
63,735

 
35,510

 
24,451

 
Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
$
54,205

 
$
103,856

 
$
91,447

 
$
66,190

 
$
39,989

 
$
25,547

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
Added Items:
 
 
Pretax income from continuing operations before minority interests and income (loss) from equity investees
 
$
68,224

 
$
334,031

 
$
623,528

 
$
542,203

 
$
420,249

 
$
334,084

 
 
Fixed charges
 
54,205

 
103,856

 
91,447

 
66,190

 
39,989

 
25,547

 
 
Amortization of capitalized interest
 
95

 
189

 
237

 
438

 
637

 
633

 
 
Distributed income of equity investees
 
3,926

 
5,963

 
4,772

 
5,290

 
8,661

 
6,063

 
 
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges
 
—

 
—

 
—

 
—

 
—

 
—

 
Total added items
 
126,450

 
444,039

 
719,984

 
614,121

 
469,536

 
366,327

 
Subtracted Items:
 
 
Interest capitalized
 
1,839

 
2,425

 
712

 
—

 
—

 
—

 
 
Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
—

 
—

 
—

 
 
Minority interest in pretax income of subsidiaries that have not incurred fixed charges
 
—

 
—

 
—

 
—

 
—

 
—

 
Total subtracted items
 
1,839

 
2,425

 
712

 
—

 
—

 
—

 
Earnings as defined
 
$
124,611

 
$
441,614

 
$
719,272

 
$
614,121

 
$
469,536

 
$
366,327

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.30
x
 
4.25
x
 
7.87
x
 
9.28
x
 
11.74
x
 
14.34
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Commencing in 2015, this amount is included in the line above, Interest expensed and capitalized.