Bristow Group Inc - FORM 8-K - EX-12.1 - December 18, 2017

Attached files

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EX-99.1 - EX-99.1 - Bristow Group Incd475293dex991.htm
EX-10.16 - EX-10.16 - Bristow Group Incd475293dex1016.htm
EX-10.15 - EX-10.15 - Bristow Group Incd475293dex1015.htm
EX-10.14 - EX-10.14 - Bristow Group Incd475293dex1014.htm
EX-10.13 - EX-10.13 - Bristow Group Incd475293dex1013.htm
EX-10.12 - EX-10.12 - Bristow Group Incd475293dex1012.htm
EX-10.11 - EX-10.11 - Bristow Group Incd475293dex1011.htm
EX-10.10 - EX-10.10 - Bristow Group Incd475293dex1010.htm
EX-10.9 - EX-10.9 - Bristow Group Incd475293dex109.htm
EX-10.8 - EX-10.8 - Bristow Group Incd475293dex108.htm
EX-10.7 - EX-10.7 - Bristow Group Incd475293dex107.htm
EX-10.6 - EX-10.6 - Bristow Group Incd475293dex106.htm
EX-10.5 - EX-10.5 - Bristow Group Incd475293dex105.htm
EX-10.4 - EX-10.4 - Bristow Group Incd475293dex104.htm
EX-10.3 - EX-10.3 - Bristow Group Incd475293dex103.htm
EX-10.2 - EX-10.2 - Bristow Group Incd475293dex102.htm
EX-10.1 - EX-10.1 - Bristow Group Incd475293dex101.htm
EX-5.3 - EX-5.3 - Bristow Group Incd475293dex53.htm
EX-5.2 - EX-5.2 - Bristow Group Incd475293dex52.htm
EX-5.1 - EX-5.1 - Bristow Group Incd475293dex51.htm
EX-4.2 - EX-4.2 - Bristow Group Incd475293dex42.htm
EX-1.1 - EX-1.1 - Bristow Group Incd475293dex11.htm
8-K - FORM 8-K - Bristow Group Incd475293d8k.htm

Exhibit 12.1

Bristow Group Inc.

Computation of Ratios of Earnings to Fixed Charges

(In thousands, except ratio amounts)

 

    Historical     Pro Forma  
    Six
Months
Ended
September 30,
2017		     Fiscal Year Ended
March 31,		     Six
Months
Ended
September 30,
2017		     Fiscal
Year
Ended
March 31,
2017		  
      2017     2016     2015     2014     2013      

Income from continuing operations before provisions of income taxes and non-controlling interests

   $ (71,177 )    $ (144,302 )    $ (79,231 )    $ 111,473     $ 244,991     $ 166,677     $ (74,316 )    $ (147,509 ) 

Add: amortization of capitalized interest

     1,603       2,708       2,584       2,598       2,682       2,786       1,603       2,708  

Add: fixed charges (from below)

     75,537       131,893       116,367       99,797       94,305       71,504       79,246       139,369  

Add: equity in earnings from unconsolidated affiliates less than (in excess of) dividends received

     (1,190 )      (4,438 )      2,619       9,418       1,629       (9,244 )      (1,190 )      (4,438 ) 

Less: capitalized interest

     (1,956 )      (10,169 )      (10,575 )      (14,559 )      (14,104 )      (6,594 )      (2,241 )      (12,304 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

   $ 2,817     $ (24,308 )    $ 31,764     $ 208,727     $ 329,503     $ 225,129     $ 3,102     $ (22,174 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

                

Fixed charges:

                

Interest expense:

                

Interest on indebtedness(1)

   $ 34,952     $ 50,862     $ 35,186     $ 30,310     $ 44,938     $ 42,446     $ 38,376     $ 56,203  

Capitalized

     1,956       10,169       10,575       14,559       14,104       6,594       2,241       12,304  

Interest portion of rental expense

     38,629       70,862       70,606       54,928       35,263       22,464       38,629       70,862  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

   $ 75,537     $ 131,893     $ 116,367     $ 99,797     $ 94,305     $ 71,504     $ 79,246     $ 139,369  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (earnings divided by fixed charges)

     *       *       *       2.1       3.5       3.1       *       *  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Includes amortization of debt issuance costs.
* Earnings for fiscal year 2016 and 2017 and the six months ended September 30, 2017 were inadequate to cover fixed charges by $84.6 million, $156.2 million, and $72.7 million, respectively. Earnings to fiscal year 2017 and the six months ended September 30, 217 on a pro forma basis were inadequate to cover fixed charges by $161.5 million and $76.1 million, respectively.

Bristow Group Inc Reports