EX-12.1 2 a2191253zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(dollars in thousands)

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss) from continuing operations (1)

 

$

(17,924

)

$

(10,393

)

$

1,270

 

$

11,519

 

$

9,126

 

Fixed charges

 

27,773

 

29,866

 

31,521

 

26,055

 

24,931

 

Capitalized interest

 

—

 

—

 

—

 

—

 

(259

)

Distributed income of equity investees

 

1,925

 

1,625

 

650

 

2,400

 

625

 

 

 

$

11,774

 

$

21,098

 

$

33,441

 

$

39,974

 

$

34,423

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortized deferred financing costs

 

$

20,412

 

$

23,275

 

$

24,547

 

$

18,209

 

$

17,395

 

Estimated interest expense in operating leases

 

7,361

 

6,591

 

6,974

 

7,846

 

7,536

 

Total fixed charges

 

$

27,773

 

$

29,866

 

$

31,521

 

$

26,055

 

$

24,931

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

0.4

(2)

0.7

(2)

1.1

 

1.5

 

1.4

 

 

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

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