Exhibit 12.02
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Year Ended December 31, | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
(a) Interest expensed and capitalized | $ | 10,236 | $ | 8,785 | $ | 7,811 | $ | 8,610 | $ | 11,965 | ||||||||||
(b) Amortized premiums, discounts and capital expenses related to indebtedness | 447 | 447 | 244 | 235 | 235 | |||||||||||||||
(c) Estimate of interest within rental expense | 4,459 | 3,776 | 2,875 | 2,227 | 1,844 | |||||||||||||||
(d) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
$ | 15,142 | $ | 13,008 | $ | 10,930 | $ | 11,072 | $ | 14,044 | |||||||||||
Earnings: | ||||||||||||||||||||
Added Items: | ||||||||||||||||||||
(a) Pretax income from continuing operations before minority interests and income/loss from equity investees | $ | 84,096 | $ | 54,879 | $ | 45,090 | $ | 57,474 | $ | 46,187 | ||||||||||
(b) Fixed charges | 15,142 | 13,008 | 10,930 | 11,072 | 14,044 | |||||||||||||||
(c) Amortization of capitalized interest | 621 | 582 | 582 | 582 | 405 | |||||||||||||||
(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 | 99,859 | 68,468 | 56,602 | 69,128 | 60,636 | |||||||||||||||
Subtracted Items: | ||||||||||||||||||||
(a) Interest capitalized | 134 | 397 | — | — | 2,037 | |||||||||||||||
(b) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
(c) Minority interest in pretax income of subsidiaries that have not incurred fixed charges | (481 | ) | (273 | ) | (531 | ) | (74 | ) | (337 | ) | ||||||||||
Total subtracted items | (347 | ) | 124 | (531 | ) | (74 | ) | 1,700 | ||||||||||||
Earnings as defined | $ | 100,206 | $ | 68,344 | $ | 57,133 | $ | 69,202 | $ | 58,936 | ||||||||||
Ratio of earnings to fixed charges | 6.62 | 5.25 | 5.23 | 6.25 | 4.20 | |||||||||||||||