Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NABORS INDUSTRIES LTD | h78282e8vk.htm |
| EX-99.2 - EX-99.2 - NABORS INDUSTRIES LTD | h78282exv99w2.htm |
| EX-23.1 - EX-23.1 - NABORS INDUSTRIES LTD | h78282exv23w1.htm |
| EX-99.3 - EX-99.3 - NABORS INDUSTRIES LTD | h78282exv99w3.htm |
| EX-99.1 - EX-99.1 - NABORS INDUSTRIES LTD | h78282exv99w1.htm |
EXHIBIT 12
NABORS INDUSTRIES, LTD. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)
| Years Ended December 31, | ||||||||||||
| 2009 | 2008 | 2007 | ||||||||||
Income (loss) from continuing operations before
income taxes |
$ | (162,071 | ) | $ | 731,254 | $ | 1,035,416 | |||||
Less earnings (add losses) from affiliates, net of
dividends |
170,565 | 199,477 | (8,392 | ) | ||||||||
Add amortization of capitalized
interest |
5,312 | 7,100 | 5,129 | |||||||||
Add fixed charges as adjusted |
269,862 | 201,128 | 158,802 | |||||||||
Earnings (1) |
$ | 283,668 | $ | 1,138,959 | $ | 1,190,555 | ||||||
Fixed charges: |
||||||||||||
Interest expense: |
||||||||||||
Interest on indebtedness |
$ | 173,103 | $ | 187,234 | $ | 144,555 | ||||||
Capitalized |
28,821 | 29,769 | 34,564 | |||||||||
Amortization of debt related
costs (a) |
92,936 | 9,484 | 10,364 | |||||||||
Interest portion of rental expense |
3,823 | 4,410 | 3,883 | |||||||||
Fixed charges before adjustments (2) |
298,683 | 230,897 | 193,366 | |||||||||
Less capitalized interest |
(28,821 | ) | (29,769 | ) | (34,564 | ) | ||||||
Fixed charges as adjusted |
$ | 269,862 | $ | 201,128 | $ | 158,802 | ||||||
Ratio (earnings divided by fixed
charges before adjustments) (1)/(2) |
.95 | (b) | 4.93 | 6.16 | ||||||||
| (a) | Includes deferred financing, discount and premium amortization. | |
| (b) | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges by approximately $15.0 million. |