Exhibit 12.01
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Nine-Month
Period Ended
Year Ended December 31, December 31, Fiscal Year Ended March 31,
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2002 2001 2000 2000 1999
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(restated) (restated) (restated) (restated)
Fixed Charges:
(a) Interest expensed and capitalized $ 8,610 $ 11,965 $ 8,597 $ 7,753 $ 5,891
(b) Amortized premiums, discounts and capital
expenses related to indebtedness 235 235 135 152 87
(c) Estimate of interest within rental expense 2,227 1,844 1,523 1,970 1,568
(d) Preference security dividend requirements
of consolidated subsidiaries - - - - -
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$ 11,072 $ 14,044 $ 10,255 $ 9,875 $ 7,546
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Earnings:
Added Items:
(a) Pretax income from continuing operations
before minority interests and income/loss
from equity investees $ 57,474 $ 46,187 $ 13,807 $ 22,958 $ 41,540
(b) Fixed charges 11,072 14,044 10,255 9,875 7,546
(c) Amortization of capitalized interest 582 405 104 83 18
(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 - - - - -
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Total added items 69,128 60,636 24,166 32,916 49,104
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Subtracted Items:
(a) Interest capitalized - 2,037 2,968 1,817 2,466
(b) Preference security dividend requirements
of consolidated subsidiaries - - - - -
(c) Minority interest in pretax income of
subsidiaries that have not incurred
fixed charges (74) (337) (509) 848 254
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Total subtracted items (74) 1,700 2,459 2,665 2,720
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Earnings as defined $ 69,202 $ 58,936 $ 21,707 $ 30,251 $ 46,384
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Ratio of earnings to fixed charges 6.25 4.20 2.12 3.06 6.15
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