SEABULK INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands except ratios)
Exhibit 12.1
| | Year Ended December 31, | Period From January 1 to December 15 | Period From December 16 to December 31, | Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 1998 | 1999 | 1999 | 2000 | 2001 | 2002 | 2002 | 2003 | ||||||||||||||||
| EARNINGS: | ||||||||||||||||||||||||
| Income (loss) before extraordinary item and income taxes | $ | 36,839 | $ | (547,002 | ) | $ | (1,565 | ) | $ | (24,080 | ) | $ | (6,751 | ) | $ | (6,405 | ) | $ | (3,245 | ) | $ | 6,824 | ||
| Add: Fixed charges | 51,198 | 72,557 | 2,814 | 63,814 | 57,132 | 45,840 | 25,654 | 16,778 | ||||||||||||||||
| Total earnings (loss) | $ | 88,037 | $ | (474,445 | ) | $ | 1,249 | $ | 39,734 | $ | 50,381 | $ | 39,435 | $ | 22,409 | $ | 23,602 | |||||||
| FIXED CHARGES: | ||||||||||||||||||||||||
| Interest expense | $ | 49,723 | $ | 71,215 | $ | 2,756 | $ | 62,714 | $ | 55,907 | $ | 44,715 | $ | 25,078 | $ | 16,301 | ||||||||
| Interest portion of rental expense | 1,475 | 1,342 | 58 | 1,100 | 1,225 | 1,125 | 576 | 477 | ||||||||||||||||
| Total fixed charges | $ | 51,198 | $ | 72,557 | $ | 2,814 | $ | 63,814 | $ | 57,132 | $ | 45,840 | $ | 25,654 | $ | 16,778 | ||||||||
| Ratio of earnings (loss) to fixed charges | 1.7 | × | (6.5) | × | 0.4 | × | 0.6 | × | 0.9 | × | 0.9 | × | 0.9 | × | 1.4 | |||||||||
