EX-12 5 h51886exv12.htm STATEMENT RE COMPUTATION OF RATIOS exv12
 

EXHIBIT 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(In thousands, except ratio amounts)
                                                         
    Six Months Ended     Fiscal Year Ended  
    September 30     March 31,  
    2007     2006     2007     2006     2005     2004     2003  
Income before provision for income taxes and minority interest
  $ 85,550     $ 55,367     $ 115,738     $ 74,635     $ 73,605     $ 70,609     $ 60,755  
Add: amortization of capitalized interest
    197       71       183       171       102       36        
Add: fixed charges (from below)
    18,515       11,732       23,559       21,148       20,215       20,462       16,504  
Add: equity in earnings from unconsolidated equity affiliates under (over) dividends received
    (4,229 )     (970 )     (3,754 )     (337 )     9,802       (5,114 )     (4,767 )
Less: capitalized interest
    (5,926 )     (2,492 )     (6,353 )     (2,426 )     (1,284 )     (1,200 )      
 
                                         
Earnings
  $ 94,107     $ 63,708     $ 129,373     $ 93,191     $ 102,440     $ 84,793     $ 72,492  
 
                                         
Fixed charges
                                                       
Fixed charges:
                                                       
Interest expense:
                                                       
Interest on indebtedness (1)
  $ 9,456     $ 6,107     $ 10,940     $ 14,689     $ 15,665     $ 16,829       14,904  
Capitalized
    5,926       2,492       6,353       2,426       1,284       1,200        
Interest portion of rental expense
    3,133       3,133       6,266       4,033       3,266       2,433       1,600  
 
                                         
Fixed charges
  $ 18,515     $ 11,732     $ 23,559     $ 21,148     $ 20,215     $ 20,462     $ 16,504  
 
                                         
Ratio (earnings divided by fixed charges)
    5.1       5.4       5.5       4.4       5.1       4.1       4.4  
 
                                         
 
(1)   Includes amortization of debt issuance costs.