Exhibit 12.02
Oceaneering International, Inc. | ||||||||||||||||||||
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Nine-Month | ||||||||||||||||||||
Period Ended | ||||||||||||||||||||
Year Ended December 31, | December 31, | |||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
(a) Interest expensed and capitalized | $ | 8,785 | $ | 7,811 | $ | 8,610 | $ | 11,965 | $ | 8,597 | ||||||||||
(b) Amortized premiums, discounts and capital expenses related to indebtedness | 447 | 244 | 235 | 235 | 135 | |||||||||||||||
(c) Estimate of interest within rental expense | 3,776 | 2,875 | 2,227 | 1,844 | 1,523 | |||||||||||||||
(d) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
$ | 13,008 | $ | 10,930 | $ | 11,072 | $ | 14,044 | $ | 10,255 | |||||||||||
Earnings: | ||||||||||||||||||||
Added Items: | ||||||||||||||||||||
(a) Pretax income from continuing operations before minority interests and income/loss from equity investees | $ | 54,878 | $ | 45,090 | $ | 57,474 | $ | 46,187 | $ | 13,807 | ||||||||||
(b) Fixed charges | 13,008 | 10,930 | 11,072 | 14,044 | 10,255 | |||||||||||||||
(c) Amortization of capitalized interest | 582 | 582 | 582 | 405 | 104 | |||||||||||||||
(d) Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
(e) Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | |||||||||||||||
Total added items | 68,468 | 56,602 | 69,128 | 60,636 | 24,166 | |||||||||||||||
Subtracted Items: | ||||||||||||||||||||
(a) Interest capitalized | 397 | — | — | 2,037 | 2,968 | |||||||||||||||
(b) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
(c) Minority interest in pretax income of subsidiaries that have not incurred fixed charges | (273 | ) | (531 | ) | (74 | ) | (337 | ) | (509 | ) | ||||||||||
Total subtracted items | 124 | (531 | ) | (74 | ) | 1,700 | 2,459 | |||||||||||||
Earnings as defined | $ | 68,344 | $ | 57,133 | $ | 69,202 | $ | 58,936 | $ | 21,707 | ||||||||||
Ratio of earnings to fixed charges | 5.25 | 5.23 | 6.25 | 4.20 | 2.12 | |||||||||||||||