EX-12.1 3 exhibit120109302018.htm EXHIBIT 12.01 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SEP 2018 Exhibit


 
 
 
 
 
 
 
 
 
 
 
 
 
Exhibit 12.01
 
 
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
($ in thousands)
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31,
 
 
 
 
 
Sep 30, 2018
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed Charges:
 
Interest expensed and capitalized
 
$
33,363

 
$
32,385

 
$
29,058

 
$
27,475

 
$
5,420

 
$
2,194

(1
)
Amortized premiums, discounts and capital expenses related to indebtedness
 
—

 
—

 
—

 
—

 
395

 
261

 
Estimate of interest within rental expense
 
22,930

 
32,426

 
68,396

 
76,381

 
85,632

 
63,735

 
Preference security dividend requirements of consolidated subsidiaries
 
—

 
 
 
 
 
—

 
—

 
—

 
 
 
 
 
$
56,293

 
$
64,811

 
$
97,454

 
$
103,856

 
$
91,447

 
$
66,190

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
Added Items:
 
 
Pretax income from continuing operations before minority interests and income (loss) from equity investees
 
$
(74,607
)
 
$
(15,861
)
 
$
43,102

 
$
334,031

 
$
623,528

 
$
542,203

 
 
Fixed charges
 
56,293

 
64,811

 
97,454

 
103,856

 
91,447

 
66,190

 
 
Amortization of capitalized interest
 
121

 
168

 
189

 
189

 
237

 
438

 
 
Distributed income of equity investees
 
2,372

 
2,556

 
6,470

 
5,963

 
4,772

 
5,290

 
 
Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges
 
—

 
—

 
—

 
—

 
—

 
—

 
Total added items
 
(15,821
)
 
51,674

 
147,215

 
444,039

 
719,984

 
614,121

 
Subtracted Items:
 
 
Interest capitalized
 
5,305

 
4,568

 
3,740

 
2,425

 
712

 
—

 
 
Preference security dividend requirements of consolidated subsidiaries
 
—

 
—

 
—

 
—

 
—

 
—

 
 
Minority interest in pretax income of subsidiaries that have not incurred fixed charges
 
—

 
—

 
—

 
—

 
—

 
—

 
Total subtracted items
 
5,305

 
4,568

 
3,740

 
2,425

 
712

 
—

 
Earnings as defined
 
$
(21,126
)
 
$
47,106

 
$
143,475

 
$
441,614

 
$
719,272

 
$
614,121

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
(0.38
)x
 
0.73
x
 
1.47
x
 
4.25
x
 
7.87
x
 
9.28
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Commencing in 2015, this amount is included in the line above, Interest expensed and capitalized.