EX-12.1 10 dex121.htm COMPUTATION OF RATIO OF EARNINGS COMPUTATION OF RATIO OF EARNINGS

Exhibit 12.1

 

Tsakos Energy Navigation Limited

Computation of Ratio of Earnings to Fixed Charges*

(Unaudited)

 

(Expressed in thousands of United States Dollars, except ratios)

 

     Nine Months Ended
September 30,
2003
    Years Ended December 31,
  
       2002
     2001
     2000
     1999
     1998
  

Earnings

                                       

Pretax income from continued operations
(before equity income)

    43,858     3,697     24,616     14,053       (2,461 )   8,895  

Add:

                                       

Fixed charges

    14,309     11,444     14,545     21,176       20,471     15,720  

Amortization of Capitalized Interest

    160     67     19     19       19     19  

Distributed income of equity investees

    1,145     —     —     —       —     —  
    
 
 
 
 
 
     59,472     15,208     39,180     35,248       18,029     24,634  
    
 
 
 
 
 

Less:

                                       

Interest capitalized

    (628 )   (3,203 )   (1,600 )   (503 )     —     (317 )
    
 
 
 
 
 
     58,844     12,005     37,580     34,745       18,029     24,317  
    
 
 
 
 
 

Fixed Charges

                                       

Interest expensed

    13,040     7,955     12,659     20,400       20,005     14,561  

Interest capitalized

    628     3,203     1,600     503       —     317  

Amortization of capitalized expenses relating to indebtedness

    641     286     286     273       466     842  
    
 
 
 
 
 
     14,309     11,444     14,545     21,176       20,471     15,720  
    
 
 
 
 
 

Ratio of Earnings to Fixed Charges

    4.1 x   1.0 x   2.6 x   1.6 x     0.9 x   1.5 x

Dollar Amount (in thousands) of Deficiency in Earnings to Fixed Charges

    N/A     N/A     N/A     N/A     $ 2,442     N/A  

 

* As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934.