EX-12.1 8 dex121.txt RATIO OF EARNINGS EXHIBIT 12.1 COOPER CAMERON CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in millions of dollars)
Pro forma (7) ------------------ Quarter Year Quarter Years ended December 31, ended ended ended ----------------------------------------- March 31, Dec. 31, March 31, 1996 1997 1998 1999 2000 2001 2000 2001 ---- ---- ---- ---- ---- ---- ---- ---- Pre-tax income from continuing operations $ 92.0 $199.4 $195.7 $ 70.9 $ 43.8 $ 20.7 $ 43.8 $ 20.7 Equity adjustments: Deduct undistributed income of less than 50% owned entities - (2.4) (0.4) - (0.2) - (0.2) - Amortization of capitalized interest - - - 0.2 0.2 - 0.2 - Less interest capitalized during the period - - (2.2) - - (0.1) - (0.1) Fixed charges: Interest 20.9 28.6 34.9 27.8 18.0 4.2 9.1 2.3 Interest portion of rental expense (1) 5.1 5.0 9.1 8.0 6.5 1.7 6.5 1.7 Amortization of debt issuance expense 0.4 0.1 ------ ------ ------ ------ ------ ------ ------ ------ Total fixed charges 26.0 33.6 44.0 35.8 24.5 5.9 16.0 4.1 ------ ------ ------ ------ ------ ------ ------ ------ Earnings before income taxes and fixed charges $118.0 $230.6 $237.1 $106.9 $ 68.3 $ 26.5 $ 59.8 $ 24.7 ====== ====== ====== ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 4.5(2) 6.9 5.4(3) 3.0(4) 2.8(5) 4.5(6) 3.7(8) 6.0(9) ====== ====== ====== ====== ====== ====== ====== ======
------------------ (1) The portion of rent included in the calculation is believed to be a reasonable approximation of the interest factor. (2) Excluding nonrecurring/unusual charges of $7.3 million, the ratio of earnings to fixed charges would be 4.8. (3) Excluding nonrecurring/unusual charges of $22.0 million, the ratio of earnings to fixed charges would be 5.9. (4) Excluding nonrecurring/unusual charges of $10.6 million, the ratio of earnings to fixed charges would be 3.3. (5) Excluding nonrecurring/unusual charges of $77.4 million, the ratio of earnings to fixed charges would be 5.9. (6) Excluding nonrecurring/unusual charges of $7.1 million, the ratio of earnings to fixed charges would be 5.7. (7) Pro forma calculation to give effect to the reduction in interest expense due to the refinancing. (8) Excluding nonrecurring/unusual charges of $77.4 million, the ratio of earnings to fixed charges would be 8.6. (9) Excluding nonrecurring/unusual charges of $7.1 million, the ratio of earnings to fixed charges would be 7.8.