Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
|
| Predecessor |
| Successor |
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| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
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Pretax income (loss) from continuing operations (1) |
| $(1,728 | ) | $(17,924 | ) | $(10,393 | ) | $1,270 |
| $11,519 |
|
Fixed charges |
| 28,597 |
| 27,773 |
| 29,866 |
| 31,521 |
| 26,055 |
|
Distributed income of equity investees |
| 1,200 |
| 1,925 |
| 1,625 |
| 650 |
| 2,400 |
|
|
| $28,069 |
| $11,774 |
| $21,098 |
| $33,441 |
| $39,974 |
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Fixed charges: |
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Interest expense and amortized deferred financing costs |
| $20,765 |
| $20,412 |
| $23,275 |
| $24,547 |
| $18,209 |
|
Estimated interest expense in operating leases |
| 7,832 |
| 7,361 |
| 6,591 |
| 6,974 |
| 7,846 |
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Preference security dividend requirements |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $28,597 |
| $27,773 |
| $29,866 |
| $31,521 |
| $26,055 |
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Ratio of earnings to fixed charges |
| 1.0 |
| 0.4 |
| 0.7 | (2) | 1.1 |
| 1.5 |
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(1) Before adjustment for minority interests in consolidated subsidiaries and income(loss) from equity investees.
(2) Defiency in earnings totals $8,768 and $16,000, in 2005 and 2004, respectively.