EX-12.1 4 gldd-ex121_99.htm EX-12.1 gldd-ex121_99.htm

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Great Lakes Dredge & Dock Corporation

(dollars in thousands)

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

 

2017

 

Pretax income (loss) from continuing operations (1)

$

29,109

 

 

$

6,293

 

 

$

(2,635

)

 

$

(11,604

)

 

$

(52,689

)

Fixed charges

 

28,556

 

 

 

27,766

 

 

 

31,007

 

 

 

29,549

 

 

 

31,759

 

Capitalized Interest

 

(522

)

 

 

(1,401

)

 

 

(3,227

)

 

 

(5,628

)

 

 

(7,572

)

Distributed income of equity investees

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

57,143

 

 

$

32,658

 

 

$

25,145

 

 

$

12,317

 

 

$

(28,502

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortized deferred financing costs

$

21,941

 

 

$

19,967

 

 

$

24,365

 

 

$

22,907

 

 

$

26,046

 

Estimated interest expense in operating leases

 

6,615

 

 

 

7,799

 

 

 

6,642

 

 

 

6,642

 

 

 

5,713

 

Preference security dividend requirements

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total fixed charges

$

28,556

 

 

$

27,766

 

 

$

31,007

 

 

$

29,549

 

 

$

31,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (2)

 

2.0

 

 

 

1.2

 

 

 

0.8

 

 

 

0.4

 

 

 

(0.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 $60,261, $17,232 and $5,862 for the years ended December 31, 2017, 2016 and 2015, respectively.