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, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
(a) Interest expensed and capitalized | $ | 16,293 | $ | 12,994 | $ | 10,236 | $ | 8,785 | $ | 7,811 | ||||||||||
(b) Amortized premiums, discounts and capital expenses related to indebtedness | 210 | 470 | 447 | 447 | 244 | |||||||||||||||
(c) Estimate of interest within rental expense | 27,426 | 4,711 | 4,459 | 3,776 | 2,875 | |||||||||||||||
(d) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
$ | 43,929 | $ | 18,175 | $ | 15,142 | $ | 13,008 | $ | 10,930 | |||||||||||
Earnings: | ||||||||||||||||||||
Added Items: | ||||||||||||||||||||
(a) Pretax income from continuing operations before minority interests and income/loss from equity investees | $ | 273,724 | $ | 182,423 | $ | 84,096 | $ | 54,879 | $ | 45,090 | ||||||||||
(b) Fixed charges | 43,929 | 18,175 | 15,142 | 13,008 | 10,930 | |||||||||||||||
(c) Amortization of capitalized interest | 657 | 632 | 621 | 582 | 582 | |||||||||||||||
(d) Distributed income of equity investees | 3,432 | 5,390 | 2,318 | 1,699 | — | |||||||||||||||
(e) Share of pretax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | |||||||||||||||
Total added items | 321,742 | 206,620 | 102,177 | 70,168 | 56,602 | |||||||||||||||
Subtracted Items: | ||||||||||||||||||||
(a) Interest capitalized | 960 | 74 | 134 | 397 | — | |||||||||||||||
(b) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
(c) Minority interest in pretax income of subsidiaries that have not incurred fixed charges | 223 | (75 | ) | (481 | ) | (273 | ) | (531 | ) | |||||||||||
Total subtracted items | 1,183 | (1 | ) | (347 | ) | 124 | (531 | ) | ||||||||||||
Earnings as defined | $ | 320,559 | $ | 206,621 | $ | 102,524 | $ | 70,044 | $ | 57,133 | ||||||||||
Ratio of earnings to fixed charges | 7.30 | 11.37 | 6.77 | 5.38 | 5.23 | |||||||||||||||