EX-12.1 5 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement regarding computation of ratio of earnings to fixed charges

Exhibit 12.1

Tsakos Energy Navigation Limited

Computation of Ratio of Earnings to Fixed Charges

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

 

     Three Months Ended
March 31,
2009		     Years Ended December 31,  
       2008     2007     2006     2005     2004  

Earnings

             

Income from continued operations (before noncontrolling interest)(1)

    25,203     203,997     186,560     196,406     161,755     143,290  

Add:

             

Fixed charges

    17,702     71,980     79,366     60,375     25,242     21,987  

Amortization of Capitalized Interest

    297     1,144     757     319     198     162  
                                    
   43,202     277,121     266,683     257,100     187,195     165,439  
                                    

Less:

             

Interest capitalized

    (571 )   (4,319 )   (8,944 )   (12,474 )   (5,344 )   (2,708 )
                                    
   42,631     272,802     257,739     244,626     181,851     162,731  
                                    

Fixed Charges

             

Interest expensed

    16,925     65,917     68,081     42,191     13,742     12,894  

Interest capitalized

    571     4,319     8,944     12,474     5,344     2,708  

Amortization of capitalized expenses relating to indebtedness

    206     944     921     1,495     1,034     368  

Interest portion of rental expense

    0     800     1,420     4,215     5,122     6,017  
                                    
   17,702     71,980     79,366     60,375     25,242     21,987  
                                    

Ratio of Earnings to Fixed Charges

    2.4 x   3.8 x   3.2 x   4.1 x   7.2 x   7.4 x

 

(1) Effective January 1, 2009, the Company adopted FASB Statement 160 “Non-controlling Interests in Consolidated Financial Statements – an amendment of Accounting Research Bulletin No. 51” which is reflected in the presentation of its interim consolidated financial information.