Attached files
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: |
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Income (loss) from continuing operations before income taxes and fixed charges |
$ | 9,373 | $ | 17,933 | $ | 27,141 | $ | (44,660 | ) | $ | (48,689 | ) | |||||
Add: |
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Fixed charges |
881 | 1,121 | 3,738 | 14,296 | 16,071 | ||||||||||||
Subtract: |
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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: |
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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. |