EX-12 5 h57336exv12.htm STATEMENT RE COMPUTATION OF RATIOS exv12
Exhibit 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends
(In thousands, except ratio amounts)
                                         
    Fiscal Year Ended  
    March 31,  
    2008     2007     2006     2005     2004  
 
                                       
Income from continuing operations before provision for income taxes and minority interest
  $ 152,257     $ 111,329     $ 69,197     $ 69,638     $ 68,072  
Add: amortization of capitalized interest
    485       183       171       102       36  
Add: fixed charges (from below)
    62,126       23,126       20,381       19,590       19,846  
Add: equity in earnings from unconsolidated equity affiliates under (over) dividends received
    (3,720 )     (3,754 )     (337 )     9,802       (5,114 )
Less: capitalized interest
    (12,881 )     (6,353 )     (2,426 )     (1,284 )     (1,200 )
 
                             
 
                                       
Earnings
  $ 198,267     $ 124,531     $ 86,986     $ 97,848     $ 81,640  
 
                             
 
                                       
Fixed charges:
                                       
Fixed charges:
                                       
Interest expense:
                                       
Interest on indebtedness (1)
  $ 23,779     $ 10,940     $ 14,689     $ 15,665     $ 16,829  
Capitalized
    12,881       6,353       2,426       1,284       1,200  
Interest portion of rental expense
    7,599       5,833       3,266       2,641       1,817  
 
                             
Fixed charges
  $ 44,259     $ 23,126     $ 20,381     $ 19,590     $ 19,846  
 
                             
 
                                       
Preferred stock dividends
  $ 12,650     $ 6,633     $     $     $  
Effective tax rate for continuing operations
    29.2 %     34.8 %                  
 
                             
Gross up based on effective tax rate for continuing operations
    17,867       10,173                    
 
                             
Fixed charges and preferred stock dividends
  $ 62,126     $ 33,299     $ 20,381     $ 19,590     $ 19,846  
 
                             
 
                                       
Ratio of earnings to fixed charges (earnings divided by fixed charges)
    4.5       5.4       4.3       5.0       4.1  
 
                             
 
                                       
Ratio of earnings to combined fixed charges and preferred stock dividends (earnings divided by fixed charges and preferred stock dividends)
    3.2       3.7       4.3       5.0       4.1  
 
                             
 
(1)   Includes amortization of debt issuance costs.