EXHIBIT 12
Willbros Group, Inc.
Statements Regarding Computation of Ratios
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | (6,884 | ) | $ | (18,564 | ) | $ | (243,941 | ) | $ | (53,638 | ) | $ | 14,995 | $ | 18,923 | ||||||||
Plus: Fixed charges | 20,693 | 37,451 | 48,927 | 31,205 | 13,329 | 14,908 | ||||||||||||||||||
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Total Earnings | $ | 13,809 | $ | 18,887 | $ | (195,014 | ) | $ | (22,433 | ) | $ | 28,324 | $ | 33,831 | ||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 10,362 | $ | 20,305 | $ | 29,576 | $ | 20,009 | $ | 5,919 | $ | 10,846 | ||||||||||||
Amortization of debt expense | 4,775 | 9,237 | 15,582 | 8,225 | 4,352 | 1,518 | ||||||||||||||||||
Rental expense attributed to interest (1/3) | 5,556 | 7,909 | 3,769 | 2,971 | 3,058 | 2,544 | ||||||||||||||||||
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Total Fixed Charges: | $ | 20,693 | $ | 37,451 | $ | 48,927 | $ | 31,205 | $ | 13,329 | $ | 14,908 | ||||||||||||
Ratio of earnings to fixed charges | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 2.12 | 2.27 |
(1) | - Earnings for the year ended December 31, 2012, 2011 and 2010 and for the six months ended June 30, 2013 were insufficient to cover fixed charges by $18.6 million, $243.9 million, $53.6 million and $6.9 million, respectively. |