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EXHIBIT 12.1
Smith International, Inc.
Ratio of Earnings to Fixed Charges
(In thousands except ratios)
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Three Months
Ended March 31, Year Ended December 31,
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2000 1999 1999 1998 1997 1996 1995
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FIXED CHARGES:
Gross interest on debt $ 9,068 $ 12,638 $ 40,823 $ 45,986 $ 31,175 $ 21,642 $ 15,978
Amortization of premiums, discounts
and capitalized expenses related to
indebtedness 26 22 120 132 361 229 442
Interest element of rentals 1,082 809 3,355 2,730 2,215 1,776 1,634
Total Fixed Charges $ 10,176 $ 13,469 $ 44,298 $ 48,848 $ 33,751 $ 23,647 $ 18,054
EARNINGS AVAILABLE TO COVER FIXED CHARGES:
Net income $ 11,323 $ 6,606 $ 56,724 $ 34,069 $121,329 $ 73,297 $ 49,088
Add back:
Minority interests of majority owned
subsidiaries 6,162 (521) 6,170 21,590 39,517 24,833 15,810
Provision for income taxes 9,675 4,950 47,865 26,279 59,109 31,615 13,604
Fixed charges 10,176 13,469 44,298 48,848 33,751 23,647 18,054
TOTAL EARNINGS AVAILABLE TO COVER FIXED CHARGES: $ 37,336 $ 24,504 $155,057 $130,786 $253,706 $153,392 $ 96,556
RATIO OF EARNINGS TO FIXED CHARGES 3.67 1.82 3.50 2.68 7.52 6.49 5.35
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