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

 
Three Months Ended 
 March 31, 2018
 
Fiscal Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Pretax income (loss)
(27,192
)
 
(109,661
)
 
(156,644
)
 
(71,971
)
 
48,537

 
52,787

Fixed charges
11,240

 
44,231

 
45,974

 
45,379

 
45,436

 
50,196

Amortization of capitalized interest
935

 
3,810

 
3,916

 
3,793

 
3,939

 
4,058

Capitalized interest
—

 
(5
)
 
(162
)
 
(224
)
 
(1,171
)
 
(2,376
)
Earnings before income tax & fixed charges
(15,017
)
 
(61,625
)
 
(106,916
)
 
(23,023
)
 
96,741

 
104,665

Interest expense
11,240

 
44,226

 
45,812

 
45,155

 
44,265

 
47,820

Capitalized interest
—

 
5

 
162

 
224

 
1,171

 
2,376

Total fixed charges
11,240

 
44,231

 
45,974

 
45,379

 
45,436

 
50,196

Preferred dividends
906

 
3,051

 
—

 
—

 
—

 
—

Combined fixed charges and preferred stock dividends
12,146

 
47,282

 
45,974

 
45,379

 
45,436

 
50,196

Ratio of earnings to fixed charges
(1
)
 
(3
)
 
(3
)
 
(3
)
 
2.1x

 
2.1x

Ratio of earnings to combined fixed charges and preferred dividends
(2
)
 
(4
)
 
(5
)
 
(5
)
 
(5
)
 
(5
)

(1)
For the three months ended March 31, 2018, earnings were deficient to cover fixed charges by $15.0 million.
(2)
For the three months ended March 31, 2018, earnings were inadequate to cover combined fixed charges and preferred stock dividends by $15.9 million.
(3)
For the years ended December 31, 2017, 2016 and 2015, earnings were deficient to cover fixed charges by $61.6 million, $106.9 million and $23.0 million, respectively.
(4)
For the year ended December 31, 2017, earnings were inadequate to cover combined fixed charges and preferred stock dividends by $64.7 million.
(5)
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.