Exhibit 12.1
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Six Months Ended June 30, 2014 |
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 971 | $ | 2,194 | $ | 4,218 | $ | 1,096 | $ | 6,321 | $ | 7,826 | ||||||||||||
Amortized premiums, discounts and capital expenses related to indebtedness | 131 | 261 | 261 | — | 126 | 154 | ||||||||||||||||||
Estimate of interest within rental expense | 40,059 | 63,735 | 35,510 | 24,451 | 23,151 | 24,653 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
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$ | 41,161 | $ | 66,190 | $ | 39,989 | $ | 25,547 | $ | 29,598 | $ | 32,633 | |||||||||||||
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Earnings: | ||||||||||||||||||||||||
Added Items: | ||||||||||||||||||||||||
Pretax income from continuing operations before minority interests and income (loss) from equity investees | $ | 293,361 | $ | 542,203 | $ | 420,249 | $ | 334,084 | $ | 303,144 | $ | 286,533 | ||||||||||||
Fixed charges | 41,161 | 66,190 | 39,989 | 25,547 | 29,598 | 32,633 | ||||||||||||||||||
Amortization of capitalized interest | 120 | 438 | 637 | 633 | 621 | 638 | ||||||||||||||||||
Distributed income of equity investees | 2,267 | 5,290 | 8,661 | 6,063 | 7,647 | 8,492 | ||||||||||||||||||
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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Total added items | 336,909 | 614,121 | 469,536 | 366,327 | 341,010 | 328,296 | ||||||||||||||||||
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Subtracted Items: | ||||||||||||||||||||||||
Interest capitalized | 162 | — | — | — | 311 | 45 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Minority interest in pretax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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Total subtracted items | 162 | — | — | — | 311 | 45 | ||||||||||||||||||
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Earnings as defined | $ | 336,747 | $ | 614,121 | $ | 469,536 | $ | 366,327 | $ | 340,699 | $ | 328,251 | ||||||||||||
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Ratio of earnings to fixed charges | 8.18x | 9.28x | 11.74x | 14.34x | 11.51x | 10.06x | ||||||||||||||||||
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