EX-12.1 4 h93106a1ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 PRIDE INTERNATIONAL, INC. RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS)
Nine Months ended Year ended December 31, September 30, ----------------------------------------------------- 2001 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- Earnings (losses) before income taxes and minority interest $146,995 $ 94,741 $(83,511) $197,724 $245,470 $ 63,075 Add: Interest on indebtedness 81,937 102,233 67,176 46,257 34,943 14,090 Capitalized interest 17,769 11,200 33,210 16,293 5,699 1,976 Interest on rentals 5,442 6,617 5,767 2,005 1,237 1,590 Amortization of deferred loan costs 2,553 2,295 1,797 1,686 1,425 488 Amortization of capitalized interest 888 2,962 1,778 504 128 -- Less: Capitalized interest (17,769) (11,200) (33,210) (16,293) (5,699) (1,976) Minority interest (10,857) (10,812) (3,996) 60 -- -- -------- -------- -------- -------- -------- -------- Earnings (losses) as adjusted $226,958 $198,036 $(10,989) $248,236 $283,203 $ 79,243 ======== ======== ======== ======== ======== ======== Fixed Charges: Interest on indebtedness $ 81,937 $102,233 $ 67,176 $ 46,257 $ 34,943 $ 14,090 Capitalized interest 2,569 11,200 33,210 16,293 5,699 1,976 Interest on rentals 5,442 6,617 5,767 2,005 1,237 1,590 Amortization of deferred loan costs 2,553 2,295 1,797 1,686 1,425 488 -------- -------- -------- -------- -------- -------- Total fixed charges $ 92,501 $122,345 $107,950 $ 66,241 $ 43,304 $ 18,144 ======== ======== ======== ======== ======== ======== Ratio of earnings (losses) as adjusted to fixed charges 2.5x 1.6x -- 3.7x 6.5x 4.4x ======== ======== ======== ======== ======== ========
------------ For the year ended December 31, 1999, earnings were inadequate to cover fixed charges by $118.9 million.