Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
| Year ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2014 | 2015 | ||||||||||||||||||||||
Pretax income (loss) from continuing operations (1) | $ | 57,138 | $ | 26,679 | $ | 11,590 | $ | 29,109 | $ | 6,293 | $ | 5,349 | $ | (5,525 | ) | |||||||||||||
Fixed charges | 21,046 | 28,795 | 27,594 | 28,556 | 27,766 | 13,928 | 14,518 | |||||||||||||||||||||
Capitalized Interest | (34 | ) | — | — | (522 | ) | (1,401 | ) | (579 | ) | (1,345 | ) | ||||||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | — | |||||||||||||||||||||
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| $ | 78,150 | $ | 55,474 | $ | 39,184 | $ | 57,143 | $ | 32,658 | $ | 18,698 | $ | 7,648 | |||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense and amortized deferred financing costs | $ | 13,559 | $ | 21,374 | $ | 20,920 | $ | 21,941 | $ | 19,967 | $ | 10,028 | $ | 11,197 | ||||||||||||||
Estimated interest expense in operating leases | 7,487 | 7,421 | 6,674 | 6,615 | 7,799 | 3,900 | 3,321 | |||||||||||||||||||||
Preference security dividend requirements | — | — | — | — | — | — | — | |||||||||||||||||||||
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Total fixed charges | $ | 21,046 | $ | 28,795 | $ | 27,594 | $ | 28,556 | $ | 27,766 | $ | 13,928 | $ | 14,518 | ||||||||||||||
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Ratio of earnings to fixed charges (2) | 3.7 | 1.9 | 1.4 | 2.0 | 1.2 | 1.3 | 0.5 | |||||||||||||||||||||
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| (1) | Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees. |
| (2) | The Company had deficiencies of earnings to fixed charges of approximately $6,870 for the six months ended June 30, 2015. |