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Previous: OCEANEERING INTERNATIONAL INC, S-3, EX-5.1, 2000-08-25 |
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<PAGE> 1
EXHIBIT 12.1
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
Three
Months
Ended Year Ended March 31,
June, 30 --------------------------------------------
2000 2000 1999 1998 1997 1996
--------- -------- -------- -------- -------- --------
(in thousands)
<S> <C> <C> <C> <C> <C> <C>
Fixed Charges:
(a) Interest expensed and capitalized $ 2,405 $ 7,753 $ 5,891 $ 1,434 $ 3,180 $ 2,607
(b) Amortized premiums, discounts and capital
expenses related to indebtedness 38 152 87 -- -- 24
(c) Estimate of interest within rental expense 510 1,970 1,568 1,523 1,379 1,303
(d) Preference security dividend requirements
of consolidated subsidiaries -- -- -- -- -- --
------- ------- ------- ------- ------- -------
$ 2,953 $ 9,875 $ 7,546 $ 2,957 $ 4,559 $ 3,934
======= ======= ======= ======= ======= =======
Earnings:
Added Items:
(a) Pretax income from continuing operations
before minority interests and income/loss
from equity investees 3,911 26,746 41,330 35,636 40,904 19,960
(b) Fixed charges 2,953 9,875 7,546 2,957 4,559 3,934
(c) Amortization of capitalized interest 24 83 18 1 36 --
(d) Distributed income of equity investees -- -- -- -- -- --
(e) Share of pretax losses of equity investees
for which charges from which are included in
fixed charges -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Total added items 6,888 36,704 48,894 38,594 45,499 23,894
------- ------- ------- ------- ------- -------
Subtracted Items:
(a) Interest capitalized 793 1,817 2,466 797 1,132 321
(b) Preference security dividend requirements
of consolidated subsidiaries -- -- -- -- -- --
(c) Minority interest in pretax income of
subsidiaries that have not incurred
fixed charges (264) 168 (407) 78 254 848
------- ------- ------- ------- ------- -------
Total subtracted items 529 1,985 2,059 875 1,386 1,169
------- ------- ------- ------- ------- -------
Earnings as defined $ 6,359 $34,719 $46,835 $37,719 $44,113 $22,725
======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges 2.15 3.52 6.21 12.76 9.68 5.78
======= ======= ======= ======= ======= =======
</TABLE>
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