EX-12.1 7 d474550dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(dollars in thousands)

 

     2008     2009     2010     2011      2012  

Pretax income (loss) from continuing operations (1)

    $ 9,126     $ 26,102     $ 54,888     $ 27,201      $ (5,535 ) 

Fixed charges

      24,931       24,338       21,079       29,086        27,596  

Capitalized Interest

      (259 )      (162 )      (34 )      —           —     

Distributed income of equity investees

      625       621       —          —           —     
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  
   $ 34,423     $ 50,899     $ 75,933     $ 56,287      $ 22,061  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Fixed charges:

            

Interest expense and amortized deferred financing costs

    $ 17,395     $ 16,393     $ 13,592     $ 21,665      $ 20,922  

Estimated interest expense in operating leases

      7,536       7,945       7,487       7,421        6,674  

Preference security dividend requirements

      —          —          —          —        
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total fixed charges

    $ 24,931     $ 24,338     $ 21,079     $ 29,086      $ 27,596  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges

      1.4       2.1       3.6       1.9        0.8  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

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