EX-12.02 3 h33938exv12w02.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w02
 

Exhibit 12.02
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
                                         
    Year Ended December 31,  
    2005     2004     2003     2002     2001  
Fixed Charges:
                                        
(a) Interest expensed and capitalized
   $ 10,236     $ 8,785     $ 7,811     $ 8,610     $ 11,965  
(b) Amortized premiums, discounts and capital expenses related to indebtedness
     447       447       244       235       235  
(c) Estimate of interest within rental expense
     4,459       3,776       2,875       2,227       1,844  
(d) Preference security dividend requirements of consolidated subsidiaries
     —       —       —       —       —  
 
                              
 
   $ 15,142     $ 13,008     $ 10,930     $ 11,072     $ 14,044  
 
                              
 
                                        
Earnings:
                                        
Added Items:
                                        
(a) Pretax income from continuing operations before minority interests and income/loss from equity investees
   $ 84,096     $ 54,879     $ 45,090     $ 57,474     $ 46,187  
(b) Fixed charges
     15,142       13,008       10,930       11,072       14,044  
(c) Amortization of capitalized interest
     621       582       582       582       405  
(d) Distributed income of equity investees
     —       —       —       —       —  
(e) Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges
     —       —       —       —       —  
 
                              
Total added items
     99,859       68,468       56,602       69,128       60,636  
 
                              
 
                                        
Subtracted Items:
                                        
(a) Interest capitalized
     134       397       —       —       2,037  
(b) Preference security dividend requirements of consolidated subsidiaries
     —       —       —       —       —  
(c) Minority interest in pretax income of subsidiaries that have not incurred fixed charges
     (481 )     (273 )     (531 )     (74 )     (337 )
 
                                        
 
                              
Total subtracted items
     (347 )     124       (531 )     (74 )     1,700  
 
                              
 
                                        
Earnings as defined
   $ 100,206     $ 68,344     $ 57,133     $ 69,202     $ 58,936  
 
                              
 
                                        
Ratio of earnings to fixed charges
     6.62       5.25       5.23       6.25       4.20