Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - GULFMARK OFFSHORE INC | Financial_Report.xls |
| EX-31.1 - EXHIBIT 31.1 - GULFMARK OFFSHORE INC | ex31-1.htm |
| EX-23.1 - EXHIBIT 23.1 - GULFMARK OFFSHORE INC | ex23-1.htm |
| EX-32.2 - EXHIBIT 32.2 - GULFMARK OFFSHORE INC | ex32-2.htm |
| EX-21.1 - EXHIBIT 21.1 - GULFMARK OFFSHORE INC | ex21-1.htm |
| EX-32.1 - EXHIBIT 32.1 - GULFMARK OFFSHORE INC | ex32-1.htm |
| EX-31.2 - EXHIBIT 31.2 - GULFMARK OFFSHORE INC | ex31-2.htm |
| 10-K - FORM 10-K - GULFMARK OFFSHORE INC | glf20141231_10k.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
|
2010 |
2011 |
2012 |
2013 |
2014 |
||||||||||||||||
|
Income (Loss) from Continuing Operations |
$ | (34,745 | ) | $ | 49,934 | $ | 19,273 | $ | 70,606 | $ | 62,375 | |||||||||
|
Plus: Income Taxes |
(12,701 | ) | 4,694 | 2,669 | 4,962 | 9,270 | ||||||||||||||
|
Fixed Charges |
23,833 | 23,432 | 29,570 | 37,562 | 32,744 | |||||||||||||||
|
Less: Capitalized Interest |
(1,421 | ) | (365 | ) | (5,524 | ) | (12,801 | ) | (8,396 | ) | ||||||||||
|
Earnings Before Fixed Charges |
(25,034 | ) | 77,695 | 45,988 | 100,329 | 95,993 | ||||||||||||||
|
Fixed Charges: |
||||||||||||||||||||
|
Interest Expense |
$ | 21,693 | $ | 22,314 | $ | 23,244 | $ | 23,821 | $ | 23,332 | ||||||||||
|
Capitalized Interest |
1,421 | 365 | 5,524 | 12,801 | 8,396 | |||||||||||||||
|
Estimated Portion of Rental Expense Equivalent to Interest |
719 | 753 | 802 | 940 | 1,016 | |||||||||||||||
|
Total Fixed Charges |
23,833 | 23,432 | 29,570 | 37,562 | 32,744 | |||||||||||||||
|
Ratio of Earnings to Fixed Charges |
NA | 3.32 | 1.56 | 2.67 | 2.93 | |||||||||||||||
NA – The ratio is less than 1.0. A deficiency of $48.9 million exists for the year ended December 31, 2010. The calculation of earnings includes $57.0 million of non-cash depreciation and amortization expense and $97.7 million of impairment.