EX-12 5 ex12ratio.txt EXHIBIT 12 COMPUTATION OF RATIO EXHIBIT 12 Unit Corporation Ratio of Earning to Fixed Charges The tables below set forth the ratios of earnings to fixed charges of the Company and its consolidated subsidiaries for the periods indicated. The ratios have been computed using the amounts for the Company and, its consolidated subsidiaries. Earnings available for fixed charges represent earnings from continuing operations before income taxes and fixed charges less income from investments accounted for by the equity method. Fixed charges represent interest incurred and guaranteed plus that portion of rental expense deemed to be the equivalent of interest. RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS EXCEPT RATIOS) YEAR ENDED DECEMBER 31, ----------------------- 1998 1999 2000 2001 2002 --------- --------- --------- --------- --------- Earnings: Income from continuing operations before income taxes 2,258 4,564 55,272 98,679 27,796 Fixed charges, as shown below 5,108 5,496 5,440 3,155 1,199 Equity in (income) loss of investees (4) 52 (38) 933 (399) --------- --------- --------- --------- --------- Earnings as Adjusted 7,362 10,112 60,674 102,767 28,596 ========= ========= ========= ========= ========= Fixed Charges: Interest expense 4,950 5,268 5,136 2,818 973 Interest inherent in rental expense 137 141 178 194 226 Guaranteed interest 21 87 126 143 - --------- --------- --------- --------- --------- Total Fixed Charges 5,108 5,496 5,440 3,155 1,199 ========= ========= ========= ========= ========= Ratio of Earnings to Fixed Charges 1.44 1.84 11.15 32.57 23.85 ========= ========= ========= ========= =========