EX-12 2 d381770dex12.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,
 
     2013     2014     2015     2016     2017  

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

   $ 166,677     $ 244,991     $ 111,473     $ (79,231   $ (144,302

Add: amortization of capitalized interest

     2,786       2,682       2,598       2,584       2,708  

Add: fixed charges (from below)

     71,504       94,305       99,797       116,367       131,893  

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

     (9,244     1,629       9,418       2,619       (4,438

Less: capitalized interest

     (6,594     (14,104     (14,559     (10,575     (10,169
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

   $ 225,129     $ 329,503     $ 208,727     $ 31,764     $ (24,308
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

          

Fixed charges:

          

Interest expense:

          

Interest on indebtedness (1)

   $ 42,446     $ 44,938     $ 30,310     $ 35,186     $ 50,862  

Capitalized

     6,594       14,104       14,559       10,575       10,169  

Interest portion of rental expense

     22,464       35,263       54,928       70,606       70,862  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

   $ 71,504     $ 94,305     $ 99,797     $ 116,367     $ 131,893  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     3.1       3.5       2.1       *       *  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Includes amortization of debt issuance costs.
* Earnings for fiscal years 2016 and 2017 were inadequate to cover fixed charges by $84.6 million and $156.2 million, respectively.