EX-12.1 4 a2186454zex-12_1.htm EX-12.1
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Exhibit 12.1

CAMERON INTERNATIONAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in millions of dollars)

 
  2003
  2004
  2005
  2006
  2007
  THREE
MONTHS
ENDED
3/31/2008

 
Pre-tax income from continuing operations   $ 77.6   $ 132.9   $ 263.0   $ 488.6   $ 708.5   $ 185.8  
Equity adjustments:                                      
  Deduct undistributed income of less than 50% owned entities     (0.2 )           (0.9 )   (4.1 )   (0.5 )
Amortization of capitalized interest     0.2     0.2     0.2     0.2     0.2     0.1  
Less interest capitalized during the period                          
Fixed charges:                                      
  Interest, including amortization of debt issuance costs and original issue discount     8.2     17.8     12.0     20.7     23.3     5.0  
  Interest portion of rental expense(1)     5.2     6.5     6.0     7.7     10.1     2.4  
   
 
 
 
 
 
 
    Total fixed charges     13.4     24.3     18.0     28.4     33.4     7.4  
   
 
 
 
 
 
 
Earnings before income taxes and fixed charges   $ 91.0   $ 157.4   $ 281.2   $ 516.3   $ 738.0   $ 192.8  
   
 
 
 
 
 
 
Ratio of earnings to fixed charges     6.8     6.5     15.6     18.2     22.1     26.1  
   
 
 
 
 
 
 

(1)
The portion of rent included in the calculation is believed to be a reasonable approximation of the interest factor.



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