Exhibit 12.1
Cal Dive International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars, except ratios)
Three Months Ended | |||||||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | March 31, 2005 | ||||||||||||||||||||
Income before income taxes and change in accounting principle | $ | 34,015 | $ | 44,296 | $ | 19,041 | $ | 52,671 | $ | 125,693 | $ | 40,501 | |||||||||||||
Deduct undistributed income of less than 50% owned subsidiaries | — | — | — | — | (469 | ) | — | ||||||||||||||||||
Distributed income of less than 50% owned subsidiaries | — | — | — | — | — | 469 | |||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | — | |||||||||||||||||||
Less interest capitalized during the period | (120 | ) | (1,900 | ) | (4,400 | ) | (3,400 | ) | (243 | ) | (73 | ) | |||||||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest, including amortization of debt issuance costs | 590 | 1,998 | 6,700 | 6,000 | 5,843 | 1,363 | |||||||||||||||||||
Interest portion of rental expense (1) | 208 | 172 | 1,930 | 2,123 | 2,168 | 505 | |||||||||||||||||||
Total fixed charges | 798 | 2,170 | 8,630 | 8,123 | 8,011 | 1,868 | |||||||||||||||||||
Income before income taxes, change in accounting principle and fixed charges | $ | 34,693 | $ | 44,566 | $ | 23,271 | $ | 57,394 | $ | 132,992 | $ | 42,765 | |||||||||||||
Ratio of earnings to fixed charges | 43.5 | 20.5 | 2.7 | 7.1 | 16.6 | 22.9 | |||||||||||||||||||
(1) The portion of rental expense considered to be a reasonable approximation of the interest factor.