Attached files

file filename
10-K - FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009 - FLOTEK INDUSTRIES INC/CN/d10k.htm
EX-21 - LIST OF SUBSIDIARIES - FLOTEK INDUSTRIES INC/CN/dex21.htm
EX-23 - CONSENT OF UHY LLP - FLOTEK INDUSTRIES INC/CN/dex23.htm
EX-32.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER (906) - FLOTEK INDUSTRIES INC/CN/dex322.htm
EX-32.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER (906) - FLOTEK INDUSTRIES INC/CN/dex321.htm
EX-31.2 - CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER (302) - FLOTEK INDUSTRIES INC/CN/dex312.htm
EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER (302) - FLOTEK INDUSTRIES INC/CN/dex311.htm

EXHIBIT 12

FLOTEK INDUSTRIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Unaudited

(dollars in thousands)

 

     Year Ended December 31,  
     2005    2006    2007    2008     2009  

COMPUTATION OF EARNINGS:

             

Income (loss) from continuing operations before income taxes and fixed charges

   $ 9,373    $ 17,933    $ 27,141    $ (44,660   $ (48,689

Add:

             

Fixed charges

     881      1,121      3,738      14,296        16,071   

Subtract:

             

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

     —        —        916      —          —     
                                     

Earnings (loss), as defined

   $ 10,254    $ 19,054    $ 29,963    $ (30,364   $ (32,618
                                     

COMPUTATION OF FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

             

Interest expense (no capitalized interest)

   $ 827    $ 1,005    $ 3,501    $ 13,813      $ 15,431   

Estimate of interest within rental expense(1)

     54      116      237      483        640   
                                     

Fixed charges, as defined

     881      1,121      3,738      14,296        16,071   

Dividends on preferred stock and accretion of discount(2)

     —        —        —        —          2,231   
                                     

Combined fixed charges, preferred stock dividends and accretion of discount

   $ 881    $ 1,121    $ 3,738    $ 14,296      $ 18,302   
                                     

Ratio of earnings to fixed charges

     11.64      17.00      8.02      N/A        N/A   
                                     

Deficiency of earnings to cover fixed charges

     N/A      N/A      N/A    $ (44,660   $ (48,689
                                     

Ratio of earnings to fixed charges and preferred stock dividends

     11.64      17.00      8.02      N/A        N/A   
                                     

Deficiency of earnings to cover combined fixed charges and preferred stock dividends

     N/A      N/A      N/A    $ (44,660   $ (50,920
                                     

 

(1) One third of rental expense is deemed to be representative of interest.
(2) Amount has not been grossed up to a pre-tax amount due to a negative effective tax rate.