| **TRICO        MARINE SERVICES, INC. **EXHIBIT        12.1**COMPUTATION        OF RATIO OF EARNINGS TO FIXED CHARGES
(In        thousands, except ratios)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six        months        ended        June 30,
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years        ended December 31,
 
        
 

 

 

 

 

 

 

 

1996
 

 

1997
 

 

1998
 

 

1999        (1)
 

2000        (2)
 

 

2001
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net        income (loss)
 

 

 

$
9,974
 

$
35,299
 

$
25,280
 

$
(33,410)
 

$
(12,722)
 

$
7,409
 

 

Amortization        of capitalized interest
 

-
 

 

8
 

 

33
 

 

138
 

 

150
 

 

75
 

 

Extraordinary        item, net of taxes
 

917
 

 

-
 

 

-
 

 

1,830
 

 

(715)
 

 

-
 

 

Income        tax expense (benefit)
 

 

 

 

5,814
 

 

18,982
 

 

11,804
 

 

(15,785)
 

 

(5,332)
 

 

3,420
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings        (loss) from continuing 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
   operations        before        income taxes and amortization of capitalized interest$
16,705 $
54,289 $
37,117 $
(47,227) $
(18,619) $
10,904 
 

 
 

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed        charges
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest        on long-term debt expensed
 

 

$
2,282
 

$
7,994
 

$
27,696
 

$
31,987
 

$
29,883
 

$
13,319
 

 

Interest        on long-term debt capitalized
 

-
 

 

421
 

 

3,271
 

 

1,206
 

 

-
 

 

-
 

 

Amortization        of deferred
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
financing        costs
 

 

 

 

197
 

 

372
 

 

1,784
 

 

1,632
 

 

1,388
 

 

670
 

 

Estimated        portion of rental expense
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 attributable        to interest
 

 

 

 

18
 

 

15
 

 

60
 

 

72
 

 

65
 

 

38
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total        fixed charges
 

 

 

$
2,497
 

$
8,802
 

$
32,811
 

$
34,897
 

$
31,336
 

$
14,027
 

 

 
 

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Earnings        (loss) from continuing 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 operations        before income taxes and amortization of capitalized interest plus        fixed        charges, except interest capitalized
        $
        19,202        
 

        $
        62,670
 

        $
        66,657
 

        $
        (13,536)
 

        $
        12,717
 

        $
        24,931
 

 

 
 

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 

Ratio        of earnings to fixed charges
 

 

 

7.7
 

 

7.1
 

 

2.0
 

 

-
 

 

-
 

 

1.8
 

 

 
 

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)        Earnings        were insufficient to cover fixed charges, and fixed charges exceeded        earnings by approximately $48.6 million.
 

 

 

 

(2)        Earnings        were insufficient to cover fixed charges, and fixed charges exceeded        earnings by approximately $18.8 million.
 

 

 

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