EX-12.1 3 exhibit121-10k.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

MITCHAM INDUSTRIES, INC.
Ratio of Earnings to Fixed Charges


 
Year Ended January 31,
 
2018
 
2017
 
2016
 
2015
 
2014
Earnings
 
 
 
 
 
 
 
 
 
(Loss) Income before income taxes
(20,159
)
 
$
(31,339
)
 
$
(27,759
)
 
$
(10,186
)
 
$
6,026

Fixed charges (as outlined below)
245

 
846

 
932

 
1,142

 
544

Total earnings, as defined $
(19,914
)

(30,493
)

(26,827
)

(9,044
)

6,570

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest
47

 
$
653

 
$
739

 
$
902

 
$
314

Estimate of interest within rental expense
$
198

 
$
193

 
$
193

 
$
240

 
$
230

Total fixed charges
$
245

 
$
846

 
$
932

 
$
1,142

 
$
544

 
 
 
 
 
 
 
 
 
 
Ratio of (losses) earnings to fixed charges
*

 
*

 
*

 
*

 
12.08



*
Earnings for the years ended January 31, 2018, January 31, 2017, January 31, 2016 and January 31, 2015 were insufficient to cover fixed charges by $20,159, $31,339, $27,759 and $10,186, respectively.