Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - GULFMARK OFFSHORE INC | ex32-2.htm |
| EX-21 - EXHIBIT 21 - GULFMARK OFFSHORE INC | ex21.htm |
| EX-32.1 - EXHIBIT 32.1 - GULFMARK OFFSHORE INC | ex32-1.htm |
| EX-10.19 - EXHIBIT 10.19 - GULFMARK OFFSHORE INC | ex10-19.htm |
| EX-31.2 - EXHIBIT 31.2 - GULFMARK OFFSHORE INC | ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - GULFMARK OFFSHORE INC | ex31-1.htm |
| 10-K - FORM 10-K - GULFMARK OFFSHORE INC | glf20151231_10k.htm |
| EX-23.1 - EXHIBIT 23.1 - GULFMARK OFFSHORE INC | ex23-1.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Year Ended December 31, | ||||||||||||||||||||
|
2011 |
2012 |
2013 |
2014 |
2015 |
||||||||||||||||
|
Income (Loss) from Continuing Operations |
$ | 49,934 | $ | 19,273 | $ | 70,606 | $ | 62,375 | $ | (215,235 | ) | |||||||||
|
Plus (Less): Income Taxes (Benefit) |
4,694 | 2,669 | 4,962 | 9,270 | (5,633 | ) | ||||||||||||||
|
Fixed Charges |
23,432 | 29,570 | 37,562 | 32,744 | 42,823 | |||||||||||||||
|
Less: Capitalized Interest |
(365 | ) | (5,524 | ) | (12,801 | ) | (8,396 | ) | (4,955 | ) | ||||||||||
|
Earnings Before Fixed Charges |
77,695 | 45,988 | 100,329 | 95,993 | (183,000 | ) | ||||||||||||||
|
Fixed Charges: |
||||||||||||||||||||
|
Interest Expense |
$ | 22,314 | $ | 23,244 | $ | 23,821 | $ | 23,332 | $ | 36,946 | ||||||||||
|
Capitalized Interest |
365 | 5,524 | 12,801 | 8,396 | 4,955 | |||||||||||||||
|
Estimated Portion of Rental Expense Equivalent to Interest |
753 | 802 | 940 | 1,016 | 923 | |||||||||||||||
|
Total Fixed Charges |
23,432 | 29,570 | 37,562 | 32,744 | 42,824 | |||||||||||||||
|
Ratio of Earnings to Fixed Charges |
3.32 | 1.56 | 2.67 | 2.93 | N/A | |||||||||||||||
N/A – The ratio is less than 1.0. A deficiency of $225.8 million exists for the year ended December 31, 2015. The calculation of earnings includes $72.6 million of non-cash depreciation and amortization expense and $152.1 million of impairment charges.