Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
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| Predeccesor |
| Successor |
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|
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
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Pretax income (loss) from continuing operations(1) |
| $ | 17,072 |
| $ | (1,728 | ) | $ | (17,924 | ) | $ | (10,393 | ) | $ | 1,270 |
|
Fixed charges |
| 41,312 |
| 28,597 |
| 27,773 |
| 29,866 |
| 31,521 |
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Distributed income of equity investees |
| — |
| 1,200 |
| 1,925 |
| 1,625 |
| 650 |
| |||||
|
| $ | 58,384 |
| $ | 28,069 |
| $ | 11,774 |
| $ | 21,098 |
| $ | 33,441 |
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Fixed charges: |
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Interest expense and amortized deferred financing costs |
| $ | 21,255 |
| $ | 20,765 |
| $ | 20,412 |
| $ | 23,275 |
| $ | 24,547 |
|
Estimated interest expense in operating leases |
| 9,407 |
| 7,832 |
| 7,361 |
| 6,591 |
| 6,974 |
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Preference security dividend requirements |
| 10,650 |
| — |
| — |
| — |
| — |
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Total fixed charges |
| $ | 41,312 |
| $ | 28,597 |
| $ | 27,773 |
| $ | 29,866 |
| $ | 31,521 |
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Ratio of earnings to fixed charges |
| 1.4 |
| 1.0 |
| 0.4 |
| 0.7 | (2) | 1.1 |
|
(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.