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

 
Three Months Ended
 
Fiscal Year Ended December 31,
 
March 31, 2015
 
2014
 
2013
 
2012
 
2011
 
2010
Pretax Income
3,596

 
48,537

 
52,787

 
70,977

 
(65,412
)
 
11,505

Fixed Charges
11,210

 
45,436

 
50,196

 
43,782

 
41,865

 
40,294

Amortization of Capitalized Interest
939

 
3,939

 
4,058

 
1,887

 
1,557

 
1,819

Capitalized Interest
(132
)
 
(1,171
)
 
(2,376
)
 
(10,240
)
 
(19,271
)
 
(13,489
)
Earnings before Income Tax & Fixed Charges
15,613

 
96,741

 
104,665

 
106,406

 
(41,261
)
 
40,129

Interest Expense
11,078

 
44,265

 
47,820

 
33,542

 
22,594

 
26,805

Capitalized Interest
132

 
1,171

 
2,376

 
10,240

 
19,271

 
13,489

Total Fixed Charges
11,210

 
45,436

 
50,196

 
43,782

 
41,865

 
40,294

Ratio of Earnings to Fixed Charges
1.4x

 
2.1x

 
2.1x

 
2.4x

 
(1
)
 
1x


(1) For the year ended December 31, 2011, earnings were deficient to cover fixed charges by $41.3 million, which was primarily due to a pre-tax, non-cash charge to earnings of $170.0 million related to the impairment of our two Alaska rigs.