EX-12.1 3 h95692ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 PRIDE INTERNATIONAL, INC. RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS)
Year ended December 31, -------------------------------------------------------- 2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Earnings (losses) before income taxes and minority interest $154,613 $ 94,741 $(83,511) $197,724 $245,470 Add: Interest on indebtedness 116,785 102,233 67,176 46,257 34,943 Capitalized interest 19,032 11,200 33,210 16,293 5,699 Interest on rentals 7,629 6,617 5,767 2,005 1,237 Amortization of deferred loan costs -- 2,295 1,797 1,686 1,425 Amortization of capitalized interest 3,090 2,962 1,778 504 128 Less: Capitalized interest (19,032) (11,200) (33,210) (16,293) (5,699) Minority interest (15,508) (10,812) (3,996) 60 -- -------- -------- -------- -------- -------- Earnings (losses) as adjusted $266,609 $198,036 $(10,989) $248,236 $283,203 ======== ======== ======== ======== ======== Fixed Charges: Interest on indebtedness $116,785 $102,233 $ 67,176 $ 46,257 $ 34,943 Capitalized interest 19,032 11,200 33,210 16,293 5,699 Interest on rentals 7,629 6,617 5,767 2,005 1,237 Amortization of deferred loan costs -- 2,295 1,797 1,686 1,425 -------- -------- -------- -------- -------- Total fixed charges $143,446 $122,345 $107,950 $ 66,241 $ 43,304 ======== ======== ======== ======== ======== Ratio of earnings (losses) as adjusted to fixed charges 1.9x 1.6x -- 3.7x 6.5x ======== ======== ======== ======== ========
------------ For the year ended December 31, 1999, earnings were inadequate to cover fixed charges by $118.9 million.