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EXHIBIT 12.1
FIRST WAVE MARINE, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO)
Nine months ended
Year ended December 31, September 30,
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1996 1997
1992 1993 1994 1995 1996 pro-forma 1996 1997 pro-forma
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Earnings (loss) before income taxes . . . . $154 $(2,343) $(257) $1,011 $2,657 $(4,247) $1,045 $4,377 $1,794
Add: fixed charges . . . . . . . . . . . . 529 460 756 791 1,230 10,091 779 1,290 7,307
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Earnings as adjusted . . . . . . . . . . . $683 $(1,883) $ 499 $1,802 $3,887 $ 5,844 $1,824 $5,667 $9,101
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Fixed Charges:
Interest expense . . . . . . . . . . . . $101 $ 359 $ 186 $ 247 $ 829 $ 9,649 $ 380 $1,280 $7,258
Interest portion of rental expense(2) . . 428 101 570 544 401 442 399 10 49
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$529 $ 460 $ 756 $ 791 $1,230 $10,091 $ 779 $1,290 $7,307
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Ratio of earnings to fixed charges(1) . . . 1.29x (4.09)x 0.66x 2.28x 3.16x 0.58x 2.34x 4.39x 1.25x
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(1) Earnings were inadequate to cover fixed charges for the years ended December
31, 1993 and 1994 by $2.3 million and $257 and on a pro-forma basis for the
year ended December 31, 1996 by $4.2 million.
(2) The interest factor of rental expense is estimated at one-third of total
rental expense, which the Company believes to be a reasonable approximation.