EX-12.02 2 h54295exv12w02.htm STATEMENT SHOWING 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,
      2007     2006     2005     2004     2003
Fixed Charges:
                                        
(a)  Interest expensed and capitalized
   $ 16,293     $ 12,994     $ 10,236     $ 8,785     $ 7,811  
(b)  Amortized premiums, discounts and capital expenses
  related to indebtedness
     210       470       447       447       244  
(c)  Estimate of interest within rental expense
     27,426       4,711       4,459       3,776       2,875  
(d)  Preference security dividend requirements of
  consolidated subsidiaries
     —       —       —       —       —  
 
                              
 
   $ 43,929     $ 18,175     $ 15,142     $ 13,008     $ 10,930  
 
                              
Earnings:
                                        
Added Items:
                                        
(a)  Pretax income from continuing operations
  before minority interests and income/loss
  from equity investees
   $ 273,724     $ 182,423     $ 84,096     $ 54,879     $ 45,090  
(b)  Fixed charges
     43,929       18,175       15,142       13,008       10,930  
(c)  Amortization of capitalized interest
     657       632       621       582       582  
(d)  Distributed income of equity investees
     3,432       5,390       2,318       1,699       —  
(e)  Share of pretax losses of equity investees for which
  charges arising from guarantees are included in fixed
  charges
     —       —       —       —       —  
 
                              
Total added items
     321,742       206,620       102,177       70,168       56,602  
 
                              
Subtracted Items:
                                        
(a)  Interest capitalized
     960       74       134       397       —  
(b)  Preference security dividend requirements of
  consolidated subsidiaries
     —       —       —       —       —  
(c)  Minority interest in pretax income of subsidiaries that
  have not incurred fixed charges
     223       (75 )     (481 )     (273 )     (531 )
 
                              
Total subtracted items
     1,183       (1 )     (347 )     124       (531 )
 
                              
Earnings as defined
   $ 320,559     $ 206,621     $ 102,524     $ 70,044     $ 57,133  
 
                              
 
Ratio of earnings to fixed charges
     7.30       11.37       6.77       5.38       5.23