EX-12 10 d401041dex12.htm EX-12 EX-12

Exhibit 12

Bristow Group Inc.

Computation of Ratios of Earnings to Fixed Charges

(In thousands, except ratio amounts)

 

     Fiscal Year Ended
March 31,
    Nine
Months
Ended
December 31,
2016
 
     2012     2013     2014     2015     2016        

Income from continuing operations before provisions of income taxes and non-controlling interests

   $ 79,442     $ 166,677     $ 244,991     $ 111,473     $ (79,231   $ (108,265

Add: amortization of capitalized interest

     2,809       2,786       2,682       2,598       2,584       1,998  

Add: fixed charges (from below)

     58,428       71,504       94,305       99,797       116,367       95,984  

Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received

     5,486       (9,244     1,629       9,418       2,619       (4,294

Less: capitalized interest

     (4,966     (6,594     (14,104     (14,559     (10,575     (8,523
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

   $ 141,199     $ 225,129     $ 329,503     $ 208,727     $ 31,764     $ (23,100
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Fixed charges:

            

Interest expense:

            

Interest on indebtedness(1)

   $ 38,130     $ 42,446     $ 44,938     $ 30,310     $ 35,186     $ 35,170  

Capitalized

     4,966       6,594       14,104       14,559       10,575       8,523  

Interest portion of rental expense

     15,332       22,464       35,263       54,928       70,606       52,291  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

   $ 58,428     $ 71,504     $ 94,305     $ 99,797     $ 116,367     $ 95,984  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (earnings divided by fixed charges)

     2.4       3.1       3.5       2.1       *       *  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes amortization of debt issuance costs.
* Earnings for fiscal year 2016 and the nine months ended December 31, 2016 were inadequate to cover fixed charges by $84.6 million and $119.1 million, respectively.