EX-12.1 6 a2230277zex-12_1.htm EX-12.1
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Exhibit 12.1

HELMERICH & PAYNE, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands, except ratio)

|  | Years Ended September 30, |
--- | --- | --- | ---
|  | 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  |  | 22,913 |  | $ | 15,023 |  | $ | 4,657 |  | $ | 6,126 |  | $ | 8,662 |
Interest Capitalized During the Period |  |  | 2,759 |  |  | 6,951 |  |  | 7,677 |  |  | 8,788 |  |  | 12,882 |
Net Amortization of Debt Discount and Premium and Issuance Expense |  |  | — |  |  | 59 |  |  | 400 |  |  | 409 |  |  | 315 |
Interest Portion of Rental Expense |  |  | 951 |  |  | 877 |  |  | 826 |  |  | 692 |  |  | 656 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Fixed Charges Denominator |  |  | 26,623 |  | $ | 22,910 |  | $ | 13,560 |  | $ | 16,015 |  | $ | 22,515 |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax Income (Loss) from Continuing Operations |  |  | (72,667 | ) | $ | 661,879 |  | $ | 1,094,658 |  | $ | 1,114,226 |  | $ | 904,749 |
Fixed Charges Calculated Above |  |  | 26,623 |  |  | 22,910 |  |  | 13,560 |  |  | 16,015 |  |  | 22,515 |
Less Interest Capitalized During the Period |  |  | (2,759 | ) |  | (6,951 | ) |  | (7,677 | ) |  | (8,788 | ) |  | (12,882 | )
Current Period Amortization of Interest Capitalized in Prior Periods |  |  | 4,447 |  |  | 4,357 |  |  | 3,963 |  |  | 3,621 |  |  | 3,109 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings Numerator |  |  | (44,356 | ) | $ | 682,195 |  | $ | 1,104,504 |  | $ | 1,125,074 |  | $ | 917,491 |
Ratio of Earnings to Fixed Charges |  |  | –1.7x |  |  | 29.8x |  |  | 81.5x |  |  | 70.3x |  |  | 40.8x |

Results for 2015 and prior periods have been changed due to the change in reporting year-end for our international subsidiaries from August 31 to September 30 effective October 1, 2015.

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Exhibit 12.1

HELMERICH & PAYNE, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in thousands, except ratio)