Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Weatherford International Ltd./Switzerland | d324625d8k.htm |
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| (Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||||||
| Income from continuing operations before income taxes (a) |
$ | 744,235 | $ | 198,345 | $ | 285,345 | $ | 1,643,243 | $ | 1,446,865 | ||||||||||
| Fixed charges: |
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| Interest Expense (b) |
462,307 | 416,044 | 383,785 | 264,418 | 183,128 | |||||||||||||||
| Capitalized Interest |
9,805 | 18,625 | 32,409 | 30,071 | 2,624 | |||||||||||||||
| Interest factor portion of rentals (c) |
80,576 | 64,822 | 63,043 | 47,198 | 43,211 | |||||||||||||||
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| Total fixed charges |
552,688 | 499,491 | 479,237 | 341,687 | 228,963 | |||||||||||||||
| Less: Capitalized Interest |
(9,805 | ) | (18,625 | ) | (32,409 | ) | (30,071 | ) | (2,624 | ) | ||||||||||
| Earnings before income taxes and fixed charges |
$ | 1,287,118 | $ | 679,211 | $ | 732,173 | $ | 1,954,859 | $ | 1,673,204 | ||||||||||
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| Ratio of earnings to fixed charges |
2.33 | 1.36 | 1.53 | 5.72 | 7.31 | |||||||||||||||
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| (a) | Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned entities. |
| (b) | Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs (not net of interest income). |
| (c) | Interest factor portion of rentals is estimated to be one-third of rental expense. |