Attached files
file | filename |
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EX-32.2 - EXHIBIT 32.2 - GULFMARK OFFSHORE INC | ex32-2.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 |
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-21 - EXHIBIT 21 - GULFMARK OFFSHORE INC | ex21.htm |
EX-10.39 - EXHIBIT 10.39 - GULFMARK OFFSHORE INC | ex10-39.htm |
10-K - FORM 10-K - GULFMARK OFFSHORE INC | glf20161231_10k.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||
2012 |
2013 |
2014 |
2015 |
2016 |
||||||||||||||||
Income (Loss) from Continuing Operations |
$ | 19,273 | $ | 70,606 | $ | 62,375 | $ | (215,235 | ) | $ | (215,235 | ) | ||||||||
Plus (Less): Income Taxes (Benefit) |
2,669 | 4,962 | 9,270 | (5,633 | ) | (39,458 | ) | |||||||||||||
Fixed Charges |
29,570 | 37,562 | 32,744 | 42,824 | 36,888 | |||||||||||||||
Less: Capitalized Interest |
(5,524 | ) | (12,801 | ) | (8,396 | ) | (4,955 | ) | (4,955 | ) | ||||||||||
Earnings Before Fixed Charges |
45,988 | 100,329 | 95,993 | (182,999 | ) | (222,760 | ) | |||||||||||||
Fixed Charges: |
||||||||||||||||||||
Interest Expense |
$ | 23,244 | $ | 23,821 | $ | 23,332 | $ | 36,946 | $ | 33,486 | ||||||||||
Capitalized Interest |
5,524 | 12,801 | 8,396 | 4,955 | 2,565 | |||||||||||||||
Estimated Portion of Rental Expense Equivalent to Interest |
802 | 940 | 1,016 | 923 | 837 | |||||||||||||||
Total Fixed Charges |
29,570 | 37,562 | 32,744 | 42,824 | 36,888 | |||||||||||||||
Ratio of Earnings to Fixed Charges |
1.56 | 2.67 | 2.93 | N/A | N/A |
N/A – The ratio is less than 1.0. A deficiency of $259.6 million exists for the year ended December 31, 2016. The calculation of earnings includes $58.2 million of non-cash depreciation and amortization expense and $162.8 million of impairment charges. 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.