EX-12 2 h38802exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS exv12
 

Exhibit 12
Bristow Group Inc.
Computation of Ratios of Earnings to Fixed Charges and Preferred Dividends
(In thousands, except ratio amounts)
                                                         
    Three Months Ended     Fiscal Year Ended  
    June 30,     March 31,  
    2006     2005     2006     2005     2004     2003     2002  
Income before provision for income taxes and minority interest
  $ 25,888     $ 15,198     $ 74,635     $ 73,605     $ 70,609     $ 60,755     $ 63,943  
Add: amortization of capitalized interest
    47       34       171       102       36              
Add: fixed charges (from below)
    5,729       5,110       21,148       20,215       20,462       16,504       17,292  
Add: equity in earnings from unconsolidated equity affiliates under (over) dividends received
    845       (46 )     (337 )     9,802       5,114 )     (4,767 )     (2,455 )
Less: capitalized interest
    (1,049 )     (482 )     (2,426 )     (1,284 )     (1,200 )            
 
                                         
Earnings
  $ 31,460     $ 19,814     $ 93,191     $ 102,440     $ 84,793     $ 72,492     $ 78,780  
 
                                         
Fixed charges and preferred dividends:
                                                       
Fixed charges:
                                                       
Interest expense:
                                                       
Interest on indebtedness (1)
  $ 3,236     $ 3,708     $ 14,689     $ 15,665     $ 16,829     $ 14,904     $ 15,825  
Capitalized
    1,049       482       2,426       1,284       1,200              
Interest portion of rental expense
    1,444       920       4,033       3,266       2,433       1,600       1,467  
 
                                         
Fixed charges
    5,729       5,110       21,148       20,215       20,462       16,504       17,292  
Preferred dividends
                                         
 
                                         
Fixed charges and preferred dividends
  $ 5,729     $ 5,110     $ 21,148     $ 20,215     $ 20,462     $ 16,504     $ 17,292  
 
                                         
Ratio (earnings divided by fixed charges and preferred dividends)
    5.49       3.88       4.41       5.07       4.14       4.39       4.56  
 
                                         
 
(1)   Includes amortization of debt issuance costs.