Exhibit 12
Hornbeck Offshore Services, Inc.
Calculation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | |||||||||||||||
Fixed charges: | |||||||||||||||||||||
Interest expense | 7,524 | 15,478 | 16,646 | 16,207 | 18,523 | 13,378 | 13,890 | ||||||||||||||
Capitilized interest | 1,628 | 365 | 3,075 | 3,867 | 2,734 | 2,345 | 1,900 | ||||||||||||||
Total fixed charges | 9,152 | 15,843 | 19,721 | 20,074 | 21,257 | 15,723 | 15,790 | ||||||||||||||
Pre-tax income | (1,393 | ) | (2,974 | ) | 12,756 | 18,786 | 18,048 | 14,713 | 12,055 | ||||||||||||
Interest expense | 7,524 | 15,478 | 16,646 | 16,207 | 18,523 | 13,378 | 13,890 | ||||||||||||||
Earnings | 6,131 | 12,504 | 29,402 | 34,993 | 36,571 | 28,091 | 25,945 | ||||||||||||||
Ratio of earnings to fixed charges(1) | — | — | 1.5 | x | 1.7 | x | 1.7 | x | 1.8 | x | 1.6 | x |
(1) | Calculated as earnings divided by fixed charges. For the purpose of computing the ratio of earnings to fixed charges, earnings consist of income from continuing operations plus fixed charges, excluding capitalized interest. Fixed charges consist of interest whether expensed or capitalized and amortization of loan costs. In fiscal year 1999 and 2000 our earnings were insufficient to cover fixed charges by approximately $3.0 million and $3.3 million, respectively. |