Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - MCDERMOTT INTERNATIONAL INC | mdr-ex322_10.htm |
| EX-32.1 - EX-32.1 - MCDERMOTT INTERNATIONAL INC | mdr-ex321_8.htm |
| EX-31.2 - EX-31.2 - MCDERMOTT INTERNATIONAL INC | mdr-ex312_9.htm |
| EX-31.1 - EX-31.1 - MCDERMOTT INTERNATIONAL INC | mdr-ex311_6.htm |
| 10-Q - MDR-Q3-20160930 - MCDERMOTT INTERNATIONAL INC | mdr-10q_20160930.htm |
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Our ratio of earnings to fixed charges is as follows:
|
|
Nine months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ended |
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|
|
|
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|
|
|
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|
|
|
|
|
September 30, 2016 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|||||
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before provision for income taxes and noncontrolling interest |
$ |
90,863 |
|
|
$ |
43,124 |
|
|
$ |
(45,321 |
) |
|
$ |
(440,859 |
) |
|
$ |
330,942 |
|
|
Interest expense and other |
|
45,097 |
|
|
|
57,894 |
|
|
|
62,919 |
|
|
|
5,748 |
|
|
|
(372 |
) |
|
Portion of rents representative of the interest factor(1) |
|
8,757 |
|
|
|
13,480 |
|
|
|
35,516 |
|
|
|
38,850 |
|
|
|
20,239 |
|
|
|
$ |
144,717 |
|
|
$ |
114,498 |
|
|
$ |
53,114 |
|
|
$ |
(396,261 |
) |
|
$ |
350,809 |
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, including amount capitalized |
$ |
55,924 |
|
|
$ |
73,603 |
|
|
$ |
85,361 |
|
|
$ |
8,886 |
|
|
$ |
8,568 |
|
|
Portion of rents representative of the interest factor(1) |
|
8,757 |
|
|
|
13,480 |
|
|
|
35,516 |
|
|
|
38,850 |
|
|
|
20,239 |
|
|
|
$ |
64,681 |
|
|
$ |
87,083 |
|
|
$ |
120,877 |
|
|
$ |
47,736 |
|
|
$ |
28,807 |
|
|
Ratio of earnings to fixed charges(2) |
2.24x |
|
|
1.31x |
|
|
— |
|
|
— |
|
|
12.18x |
|
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|
(1) |
33% of rental expense |
|
(2) |
For the years ended December 31, 2014 and 2013, earnings were deficient to cover fixed charges by $67,763 and $443,997 respectively, primarily as a result of operating losses. |