EX-12.1 2 exhibit121ratioofearningst.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.0 Ratio of Earnings to Fixed Charges


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Six Months Ended
June 30,
 
 
 
 
 
Year Ended December 31,
(Expressed in thousands of U.S. Dollars, except ratios)
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
    Pre-tax income (loss) before income (loss) from equity investees
 
143,635

 
54,336

 
305,891

 
256,236

 
(174,086
)
 
302,827

    Fixed charges
 
16,026

 
29,658

 
30,556

 
23,260

 
37,462

 
43,562

    Total (Loss) Earnings
 
159,661

 
83,994

 
336,447

 
279,496

 
(136,624
)
 
346,389

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
    Interest and amortization on indebtedness
 
14,224

 
26,923

 
28,467

 
21,453

 
36,143

 
42,702

    Rental expense at 33.3% (1)
 
1,802

 
2,735

 
2,089

 
1,807

 
1,319

 
860

    Total Fixed Charges
 
16,026

 
29,658

 
30,556

 
23,260

 
37,462

 
43,562

Ratio of Earnings to Fixed Charges
 
10.0

 
2.8

 
11.0

 
12.0

 
(3.7
)
 
8.0

Deficiency
 
N/A

 
N/A

 
N/A

 
N/A

 
(174,086
)
 
N/A


(1) 33.3% represents a reasonable approximation of the interest factor