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Previous: GULFMARK OFFSHORE INC, S-3, EX-5.1, 2000-08-28 |
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<PAGE>1
EXHIBIT 12.1
GULFMARK OFFSHORE, INC.
Computation of the Ratio of Earnings to Fixed Charges
(Amounts in thousands, except ratios)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
------------------------------------------------ -------------
1995 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Income (loss) before tax from
continuing operations $ 459 $5,482 $11,821 $29,605 $ 2,169 $ (1,176)
Equity Investee -- -- -- -- 737 511
Fixed Charges 3,081 4,260 5,415 11,330 12,526 6,302
Minority Interest (154) -- --
Capitalized Interest (249) (1,627) (1,046) --
------ ------ ------ ------ ------- -------
Earnings available for
fixed charges $3,386 $9,742 $16,987 $39,308 $14,386 $ 5,637
====== ====== ======= ======= ======= =======
Interest expense $2,801 $3,936 $ 4,803 $ 9,425 $11,388 $ 6,256
Capitalized Interest -- -- 249 1,627 1,046 --
Amortized Debt Expense 170 229 257 184 -- --
Interest Factor in Rent 110 95 106 94 92 46
------ ------ ------- ------ ------- -------
Total fixed charges $3,081 $4,260 $ 5,415 $11,330 $12,526 $ 6,302
====== ====== ======= ======= ======= =======
Ratio of earnings to
fixed charges 1.1 2.3 3.1 3.5 1.1 (a)
====== ====== ======= ====== ======= =======
(a) Earnings were insufficient to cover fixed charges and fixed charges exceeded earnings by approximately
$0.7 million
</TABLE>
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