Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(in thousands except ratios)
Six Months Ended June 30, 2017 | Fiscal Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Pretax income (loss) from continuing operations (1) | $ | (6,716 | ) | $ | (11,604 | ) | $ | (2,635 | ) | $ | 6,293 | $ | 29,109 | $ | 11,590 | |||||||||
Fixed Charges | 14,722 | 29,549 | 31,007 | 27,766 | 28,556 | 27,594 | ||||||||||||||||||
Capitalized Interest | (4,066 | ) | (5,628 | ) | (3,227 | ) | (1,401 | ) | (522 | ) | — | |||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
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$ | 3,940 | $ | 12,317 | $ | 25,145 | $ | 32,658 | $ | 57,143 | $ | 39,184 | |||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense and amortized deferred financing costs | $ | 12,023 | $ | 22,907 | $ | 24,365 | $ | 19,967 | $ | 21,941 | $ | 20,920 | ||||||||||||
Estimated interest expense in operating leases | 2,699 | 6,642 | 6,642 | 7,799 | 6,615 | 6,674 | ||||||||||||||||||
Preference security dividend requirements | — | — | — | — | — | — | ||||||||||||||||||
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Total fixed charges | $ | 14,722 | $ | 29,549 | $ | 31,007 | $ | 27,766 | $ | 28,556 | $ | 27,594 | ||||||||||||
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Ratio of earnings to fixed charges (2) | 0.3 | 0.4 | 0.8 | 1.2 | 2.0 | 1.4 | ||||||||||||||||||
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(1) | Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees. |
(2) | The Company had deficiencies of earnings to fixed charges of $10,782 for the six months ended June 30, 2017, and $17,232 and $5,862 for the year ended December 31, 2016 and 2015, respectively. |