Attached files
Exhibit 12.1
Ratio of Earnings to Fixed Charges
Great Lakes Dredge & Dock Corporation
(dollars in thousands)
| 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
| Pretax income from continuing operations (1) |
$ | 1,270 | $ | 11,519 | $ | 9,126 | $ | 26,102 | $ | 54,888 | ||||||||||
| Fixed charges |
31,521 | 26,055 | 24,931 | 24,338 | 21,079 | |||||||||||||||
| Capitalized Interest |
— | — | (259 | ) | (162 | ) | (34 | ) | ||||||||||||
| Distributed income of equity investees |
650 | 2,400 | 625 | 621 | — | |||||||||||||||
| $ | 33,441 | $ | 39,974 | $ | 34,423 | $ | 50,899 | $ | 75,933 | |||||||||||
| Fixed charges: |
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| Interest expense and amortized deferred financing costs |
$ | 24,547 | $ | 18,209 | $ | 17,395 | $ | 16,393 | $ | 13,592 | ||||||||||
| Estimated interest expense in operating leases |
6,974 | 7,846 | 7,536 | 7,945 | 7,487 | |||||||||||||||
| Total fixed charges |
$ | 31,521 | $ | 26,055 | $ | 24,931 | $ | 24,338 | $ | 21,079 | ||||||||||
| Ratio of earnings to fixed charges |
1.1 | 1.5 | 1.4 | 2.1 | 3.6 | |||||||||||||||
(1) Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees.