Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
| | Predecessor | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Years Ended December 31, | ||||||||||||||
| | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||
| Pretax income (loss) from continuing operations(1) | $ | (1,728 | ) | $ | 17,072 | $ | 12,216 | $ | 16,475 | $ | 17,503 | ||||
| Fixed charges | 28,597 | 41,312 | 39,311 | 36,688 | 33,899 | ||||||||||
| Distributed income of equity investees | 1,200 | — | 874 | 225 | 3,589 | ||||||||||
| $ | 28,069 | $ | 58,384 | $ | 52,401 | $ | 53,388 | $ | 54,991 | ||||||
| Fixed charges: | |||||||||||||||
| Interest expense and amortized deferred financing costs | $ | 20,765 | $ | 21,255 | $ | 21,107 | $ | 18,753 | $ | 18,385 | |||||
| Estimated interest expense in operating leases | 7,832 | 9,407 | 5,950 | 6,015 | 4,861 | ||||||||||
| Preference security dividend requirements | — | 10,650 | 12,254 | 11,920 | 10,653 | ||||||||||
| Total fixed charges | $ | 28,597 | $ | 41,312 | $ | 39,311 | $ | 36,688 | $ | 33,899 | |||||
Ratio of earnings to fixed charges | 1.0 | 1.4 | 1.3 | 1.5 | 1.6 | ||||||||||
- (1)
- Before adjustment for minority interests in consolidated subsidiaries and income(loss) from equity investees.