Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
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Pretax income (loss) from continuing operations (1) |
| $ | (17,924 | ) | $ | (10,393 | ) | $ | 1,270 |
| $ | 11,519 |
| $ | 9,126 |
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Fixed charges |
| 27,773 |
| 29,866 |
| 31,521 |
| 26,055 |
| 24,931 |
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Capitalized interest |
| — |
| — |
| — |
| — |
| (259 | ) | |||||
Distributed income of equity investees |
| 1,925 |
| 1,625 |
| 650 |
| 2,400 |
| 625 |
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| $ | 11,774 |
| $ | 21,098 |
| $ | 33,441 |
| $ | 39,974 |
| $ | 34,423 |
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Fixed charges: |
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Interest expense and amortized deferred financing costs |
| $ | 20,412 |
| $ | 23,275 |
| $ | 24,547 |
| $ | 18,209 |
| $ | 17,395 |
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Estimated interest expense in operating leases |
| 7,361 |
| 6,591 |
| 6,974 |
| 7,846 |
| 7,536 |
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Total fixed charges |
| $ | 27,773 |
| $ | 29,866 |
| $ | 31,521 |
| $ | 26,055 |
| $ | 24,931 |
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Ratio of earnings to fixed charges |
| 0.4 | (2) | 0.7 | (2) | 1.1 |
| 1.5 |
| 1.4 |
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(1) Before adjustment for minority interests in consolidated subsidiaries and income(loss) from equity investees.
(2) Deficiency in earnings totals $8,768 and $16,000, in 2005 and 2004, respectively.