EX-12.1 4 a10k-12312016xex121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)


 
Fiscal Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Pretax Income (Loss)
(156,644
)
 
(71,971
)
 
48,537

 
52,787

 
70,977

Fixed Charges
45,974

 
45,379

 
45,436

 
50,196

 
43,782

Amortization of Capitalized Interest
3,916

 
3,793

 
3,939

 
4,058

 
1,887

Capitalized Interest
(162
)
 
(224
)
 
(1,171
)
 
(2,376
)
 
(10,240
)
Earnings (Loss) before Income Tax & Fixed Charges
(106,916
)
 
(23,023
)
 
96,741

 
104,665

 
106,406

Interest Expense
45,812

 
45,155

 
44,265

 
47,820

 
33,542

Capitalized Interest
162

 
224

 
1,171

 
2,376

 
10,240

Total Fixed Charges
45,974

 
45,379

 
45,436

 
50,196

 
43,782

Ratio of Earnings to Fixed Charges
(1
)
 
(2
)
 
2.1x

 
2.1x

 
2.4x

(1)     For the year ended December 31, 2016, earnings were deficient to cover fixed charges by $106.9 million.
(2)     For the year ended December 31, 2015, earnings were deficient to cover fixed charges by $23.0 million.
For the purposes of this table (i) "earnings" consist of our consolidated income from continuing operations before income taxes and fixed charges and (ii) "fixed charges" consist of interest expense, amortization of deferred financing cost and the portion of rental expense representing interest.