EX-12.1 2 a2183654zex-12_1.htm EX-12.1

 

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(dollars in thousands)

 

 

 

Predecessor

 

Successor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2003

 

2004

 

2005

 

2006

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss) from continuing operations (1)

 

$(1,728

)

$(17,924

)

$(10,393

)

$1,270

 

$11,519

 

Fixed charges

 

28,597

 

27,773

 

29,866

 

31,521

 

26,055

 

Distributed income of equity investees

 

1,200

 

1,925

 

1,625

 

650

 

2,400

 

 

 

$28,069

 

$11,774

 

$21,098

 

$33,441

 

$39,974

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortized deferred financing costs

 

$20,765

 

$20,412

 

$23,275

 

$24,547

 

$18,209

 

Estimated interest expense in operating leases

 

7,832

 

7,361

 

6,591

 

6,974

 

7,846

 

Preference security dividend requirements

 

—

 

—

 

—

 

—

 

—

 

Total fixed charges

 

$28,597

 

$27,773

 

$29,866

 

$31,521

 

$26,055

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.0

 

0.4

 

0.7

(2)

1.1

 

1.5

 

(1)  Before adjustment for minority interests in consolidated subsidiaries and income(loss) from equity investees.

 

(2)  Defiency in earnings totals $8,768 and $16,000, in 2005 and 2004, respectively.