EX-12.1 7 gldd-ex121_16.htm EX-12.1 gldd-ex121_16.htm

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(dollars in thousands)

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

Pretax income (loss) from continuing operations (1)

$

11,590

 

 

$

29,109

 

 

$

6,293

 

 

$

(2,635

)

 

$

(11,604

)

Fixed charges

 

27,594

 

 

 

28,556

 

 

 

27,766

 

 

 

31,007

 

 

 

29,549

 

Capitalized Interest

 

—

 

 

 

(522

)

 

 

(1,401

)

 

 

(3,227

)

 

 

(5,628

)

Distributed income of equity investees

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

39,184

 

 

$

57,143

 

 

$

32,658

 

 

$

25,145

 

 

$

12,317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortized deferred financing costs

$

20,920

 

 

$

21,941

 

 

$

19,967

 

 

$

24,365

 

 

$

22,907

 

Estimated interest expense in operating leases

 

6,674

 

 

 

6,615

 

 

 

7,799

 

 

 

6,642

 

 

 

6,642

 

Preference security dividend requirements

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total fixed charges

$

27,594

 

 

$

28,556

 

 

$

27,766

 

 

$

31,007

 

 

$

29,549

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (2)

 

1.4

 

 

 

2.0

 

 

 

1.2

 

 

 

0.8

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Before adjustment for noncontrolling interests in consolidated subsidiaries and income (loss) from equity investees.

 

(2) The Company had deficiencies of earnings to fixed charges of $17,232 and $5,862 for the year ended December 31, 2016 and 2015, respectively.