EX-12.1 10 d427096dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(in thousands except ratios)

 

     Six Months
Ended
June 30, 2017		     Fiscal Year Ended December 31,  
       2016     2015     2014     2013     2012  

Pretax income (loss) from continuing operations (1)

    $ (6,716 )    $ (11,604 )    $ (2,635 )    $ 6,293     $ 29,109     $ 11,590  

Fixed Charges

      14,722       29,549       31,007       27,766       28,556       27,594  

Capitalized Interest

      (4,066 )      (5,628 )      (3,227 )      (1,401 )      (522 )      —    

Distributed income of equity investees

      —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 3,940     $ 12,317     $ 25,145     $ 32,658     $ 57,143     $ 39,184  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

             

Interest expense and amortized deferred financing costs

    $ 12,023     $ 22,907     $ 24,365     $ 19,967     $ 21,941     $ 20,920  

Estimated interest expense in operating leases

      2,699       6,642       6,642       7,799       6,615       6,674  

Preference security dividend requirements

      —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 14,722     $ 29,549     $ 31,007     $ 27,766     $ 28,556     $ 27,594  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (2)

      0.3       0.4       0.8       1.2       2.0       1.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees.
(2) The Company had deficiencies of earnings to fixed charges of $10,782 for the six months ended June 30, 2017, and $17,232 and $5,862 for the year ended December 31, 2016 and 2015, respectively.