Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
2016 |
|
|||||
Pretax income (loss) from continuing operations (1) |
$ |
11,590 |
|
|
$ |
29,109 |
|
|
$ |
6,293 |
|
|
$ |
(2,635 |
) |
|
$ |
(11,604 |
) |
Fixed charges |
|
27,594 |
|
|
|
28,556 |
|
|
|
27,766 |
|
|
|
31,007 |
|
|
|
29,549 |
|
Capitalized Interest |
|
— |
|
|
|
(522 |
) |
|
|
(1,401 |
) |
|
|
(3,227 |
) |
|
|
(5,628 |
) |
Distributed income of equity investees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
39,184 |
|
|
$ |
57,143 |
|
|
$ |
32,658 |
|
|
$ |
25,145 |
|
|
$ |
12,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and amortized deferred financing costs |
$ |
20,920 |
|
|
$ |
21,941 |
|
|
$ |
19,967 |
|
|
$ |
24,365 |
|
|
$ |
22,907 |
|
Estimated interest expense in operating leases |
|
6,674 |
|
|
|
6,615 |
|
|
|
7,799 |
|
|
|
6,642 |
|
|
|
6,642 |
|
Preference security dividend requirements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total fixed charges |
$ |
27,594 |
|
|
$ |
28,556 |
|
|
$ |
27,766 |
|
|
$ |
31,007 |
|
|
$ |
29,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (2) |
|
1.4 |
|
|
|
2.0 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees. |
|
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(2) The Company had deficiencies of earnings to fixed charges of $17,232 and $5,862 for the year ended December 31, 2016 and 2015, respectively. |
|