EX-12.1 2 h28888p2exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1

Cal Dive International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars, except ratios)

                                                 
                                            Six Months Ended  
    2000     2001     2002     2003     2004     June 30, 2005  
Income before income taxes and change in accounting principle
   $ 34,015     $ 44,296     $ 19,041     $ 52,671     $ 125,693     $ 81,856  
Deduct undistributed income of less than 50% owned subsidiaries
     —       —       —       —       (469 )     —  
Distributed income of less than 50% owned subsidiaries
     —       —       —       —       —       469    
Amortization of capitalized interest
     —       —       —       —       —       —  
Less interest capitalized during the period
     (120 )     (1,900 )     (4,400 )     (3,400 )     (243 )     (587 )
Fixed charges:
                                                
Interest, including amortization of debt issuance costs
     590       1,998       6,700       6,000       5,843       2,541  
Interest portion of rental expense (1)
     208       172       1,930       2,123       2,168       1,000  
 
                                    
Total fixed charges
     798       2,170       8,630       8,123       8,011       3,541  
 
                                    
Income before income taxes, change in accounting principle and fixed charges
   $ 34,693     $ 44,566     $ 23,271     $ 57,394     $ 132,992     $ 85,279  
 
                                    
Ratio of earnings to fixed charges
     43.5       20.5       2.7       7.1       16.6       24.1  
 
                                    

(1)       The portion of rental expense considered to be a reasonable approximation of the interest factor.