EXHIBIT 12.1
Parker Drilling Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)

 
Nine Months Ended 
 September 30, 2017
 
Fiscal Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Pretax income (loss)
(84,004
)
 
(156,644
)
 
(71,971
)
 
48,537

 
52,787

 
70,977

Fixed charges
33,037

 
45,974

 
45,379

 
45,436

 
50,196

 
43,782

Amortization of capitalized interest
2,867

 
3,916

 
3,793

 
3,939

 
4,058

 
1,887

Capitalized interest
(5
)
 
(162
)
 
(224
)
 
(1,171
)
 
(2,376
)
 
(10,240
)
Earnings before income tax & fixed charges
(48,105
)
 
(106,916
)
 
(23,023
)
 
96,741

 
104,665

 
106,406

Interest expense
33,032

 
45,812

 
45,155

 
44,265

 
47,820

 
33,542

Capitalized interest
5

 
162

 
224

 
1,171

 
2,376

 
10,240

Total fixed charges
33,037

 
45,974

 
45,379

 
45,436

 
50,196

 
43,782

Preferred dividends
2,145

 
—

 
—

 
—

 
—

 
—

Combined fixed charges and preferred stock dividends
35,182

 
45,974

 
45,379

 
45,436

 
50,196

 
43,782

Ratio of earnings to fixed charges
(1
)
 
(3)

 
(3)

 
2.1x

 
2.1x

 
2.4x

Ratio of earnings to combined fixed charges and preferred dividends
(2
)
 
(4)

 
(4)

 
(4)

 
(4)

 
(4)


(1) For the nine months ended September 30, 2017, earnings were deficient to cover fixed charges by $48.1 million.
(2) For the nine months ended September 30, 2017, earnings were inadequate to cover combined fixed charges and preferred dividends by $50.3 million.
(3) For the years ended December 31, 2016 and 2015, earnings were deficient to cover fixed charges by $106.9 million
and $23.0 million, respectively.
(4) The ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earning to fixed charges as there was no preferred stock outstanding for the respective years.
For the purposes of this table (i) "earnings" consist of our consolidated income from continuing operations before income taxes and fixed charges and (ii) "fixed charges" consist of interest expense, amortization of deferred financing cost and the portion of rental expense representing interest.