EX-12 2 d595229dex12.htm EX-12 EX-12

EXHIBIT 12

Willbros Group, Inc.

Statements Regarding Computation of Ratios

 

     Six Months
Ended
    Year Ended December 31,  
     June 30, 2013     2012     2011     2010     2009      2008  

Earnings:

             

Earnings (loss) from continuing operations before income taxes

   $ (6,884   $ (18,564   $ (243,941   $ (53,638   $ 14,995       $ 18,923   

Plus: Fixed charges

     20,693        37,451        48,927        31,205        13,329         14,908   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Earnings

   $ 13,809      $ 18,887      $ (195,014   $ (22,433   $ 28,324       $ 33,831   

Fixed Charges:

             

Interest expense

   $ 10,362      $ 20,305      $ 29,576      $ 20,009      $ 5,919       $ 10,846   

Amortization of debt expense

     4,775        9,237        15,582        8,225        4,352         1,518   

Rental expense attributed to interest (1/3)

     5,556        7,909        3,769        2,971        3,058         2,544   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Charges:

   $ 20,693      $ 37,451      $ 48,927      $ 31,205      $ 13,329       $ 14,908   

Ratio of earnings to fixed charges

     (1     (1     (1     (1     2.12         2.27   

 

(1) - Earnings for the year ended December 31, 2012, 2011 and 2010 and for the six months ended June 30, 2013 were insufficient to cover fixed charges by $18.6 million, $243.9 million, $53.6 million and $6.9 million, respectively.