Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2010 | ||||||||||||||||||||||
Pretax income from continuing operations (1) | $ | 1,270 | $ | 11,519 | $ | 9,126 | $ | 26,102 | $ | 54,888 | $ | 4,516 | $ | 16,193 | ||||||||||||||
Fixed charges | 31,521 | 26,055 | 24,931 | 24,338 | 21,079 | 7,805 | 5,015 | |||||||||||||||||||||
Capitalized Interest | — | — | (259 | ) | (162 | ) | (34 | ) | — | 85 | ||||||||||||||||||
Distributed income of equity investees | 650 | 2,400 | 625 | 621 | — | — | — | |||||||||||||||||||||
| $ | 33,441 | $ | 39,974 | $ | 34,423 | $ | 50,899 | $ | 75,933 | $ | 12,321 | $ | 21,293 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense and amortized deferred financing costs | $ | 24,547 | $ | 18,209 | $ | 17,395 | $ | 16,393 | $ | 13,592 | $ | 5,950 | $ | 3,143 | ||||||||||||||
Estimated interest expense in operating leases | 6,974 | 7,846 | 7,536 | 7,945 | 7,487 | 1,855 | 1,872 | |||||||||||||||||||||
Total fixed charges | $ | 31,521 | $ | 26,055 | $ | 24,931 | $ | 24,338 | $ | 21,079 | $ | 7,805 | $ | 5,015 | ||||||||||||||
Ratio of earnings to fixed charges | 1.1 | 1.5 | 1.4 | 2.1 | 3.6 | 1.6 | 4.2 | |||||||||||||||||||||