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Content analysis
?Positive | ||
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H.S. freshman Avg
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Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
| 2013 |
|
| 2014 |
|
| 2015 |
|
| 2016 |
|
| 2017 |
| |||||
Pretax income (loss) from continuing operations (1) | $ | 29,109 |
|
| $ | 6,293 |
|
| $ | (2,635 | ) |
| $ | (11,604 | ) |
| $ | (52,689 | ) |
Fixed charges |
| 28,556 |
|
|
| 27,766 |
|
|
| 31,007 |
|
|
| 29,549 |
|
|
| 31,759 |
|
Capitalized Interest |
| (522 | ) |
|
| (1,401 | ) |
|
| (3,227 | ) |
|
| (5,628 | ) |
|
| (7,572 | ) |
Distributed income of equity investees |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
| $ | 57,143 |
|
| $ | 32,658 |
|
| $ | 25,145 |
|
| $ | 12,317 |
|
| $ | (28,502 | ) |
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Fixed charges: |
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Interest expense and amortized deferred financing costs | $ | 21,941 |
|
| $ | 19,967 |
|
| $ | 24,365 |
|
| $ | 22,907 |
|
| $ | 26,046 |
|
Estimated interest expense in operating leases |
| 6,615 |
|
|
| 7,799 |
|
|
| 6,642 |
|
|
| 6,642 |
|
|
| 5,713 |
|
Preference security dividend requirements |
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
Total fixed charges | $ | 28,556 |
|
| $ | 27,766 |
|
| $ | 31,007 |
|
| $ | 29,549 |
|
| $ | 31,759 |
|
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Ratio of earnings to fixed charges (2) |
| 2.0 |
|
|
| 1.2 |
|
|
| 0.8 |
|
|
| 0.4 |
|
|
| (0.9 | ) |
|
|
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|
|
|
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|
|
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(1) Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees. |
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(2) The Company had deficiencies of earnings to fixed charges of $60,261, $17,232 and $5,862 for the years ended December 31, 2017, 2016 and 2015, respectively. |
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