EX-12.1 3 a2193933zex-12_1.htm EX-12.1

Exhibit 12.1

 

Geokinetics Inc. and Subsidiaries

Computation of Earnings to Fixed Charges

 

 

 

For the Year Ended, December 31,

 

For the Six Months
Ended June 30,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Before Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from continuing operations before Income taxes, minority interest and income/(loss) from equity investees

 

(441

)

(1,871

)

(942

)

(13,684

)

10,254

 

26,168

 

5,031

 

Add fixed charges

 

1,002

 

1,233

 

23,166

 

22,449

 

34,190

 

17,465

 

16,305

 

Add amortization of capitalized interest

 

 

 

 

 

 

 

 

Add distributed income of equity investees

 

 

 

 

 

 

 

 

Subtract capitalized interest

 

 

 

 

 

 

 

 

Income /(loss) before fixed charges

 

561

 

(638

)

22,224

 

8,765

 

44,444

 

43,633

 

21,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount paid

 

 

 

 

4,712

 

6,028

 

3,969

 

2,508

 

Grossed up to pre-tax based on 46% effective tax rate

 

 

 

 

8,725

 

11,162

 

7,350

 

4,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

441

 

474

 

11,298

 

9,265

 

6,992

 

3,281

 

3,063

 

Amortization of debt issuance costs

 

 

 

4,608

 

875

 

336

 

272

 

162

 

Estimate of interest expense within rental expense

 

561

 

759

 

7,260

 

12,309

 

26,862

 

13,912

 

13,080

 

Total fixed charges

 

1,002

 

1,233

 

23,166

 

22,449

 

34,190

 

17,465

 

16,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

(441

)

(1,871

)

(942

)

(13,684

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

1.3

 

2.5

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges and preferred dividends

 

(441

)

(1,871

)

(942

)

(22,409

)

(908

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Dividends

 

 

 

 

 

 

1.8

 

1.0