EX-12.1 10 o32366exv12w1.txt RATIOS OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 STATEMENT REGARDING COMPUTATION OF RATIOS TEEKAY LNG PARTNERS L.P. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES DEFINED IN ITEM 503(D) OF REGULATION S-K (IN THOUSANDS EXCEPT RATIOS)
YEARS ENDED DECEMBER 31, ----------------------------- 2004 ----------------------------- YEARS ENDED DECEMBER 31, JANUARY 1 TO MAY 1 TO ------------------------------- APRIL 30, DECEMBER 31, 2001 2002 2003 2004 2004 ------ -------- ------- ------------ ------------ FIXED CHARGES: Interest expense and amortization of deferred financing costs 20,104 18,109 34,862 21,475 50,485 Write-off of capitalized loan costs 0 0 0 0 0 Capitalized interest 191 6,037 14,005 2,607 2,575 ----------------------------------------------------------------- TOTAL FIXED CHARGES (A) 20,295 24,146 48,867 24,082 53,060 ----------------------------------------------------------------- EARNINGS: Add: Net Income (loss) 2,129 (113,770) (59,432) 16,164 (84,395) Add: Minority interest expense (income) 259 200 200 100 0 Add: Income taxes expense (recovery) (663) 2,164 3,033 (645) 967 -------------------------------------------------------------------------------------------------------- Pretax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries 1,725 (111,406) (56,199) 15,619 (83,428) -------------------------------------------------------------------------------------------------------- Fixed charges 20,295 24,146 48,867 24,082 53,060 Amortization of capitalized interest 0 0 0 0 0 Subtract: Capitalized interest (191) (6,037) (14,005) (2,607) (2,575) Minority interest expense of subsidiaries that have not incurred fixed charges (259) (200) (200) (100) 0 ----------------------------------------------------------------- TOTAL EARNINGS AVAILABLE TO COVER FIXED CHARGES (B) 21,570 (93,497) (21,537) 36,994 (32,943) ----------------------------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES (B/A) 1.28 (3.87) (0.44) 1.54 (0.62) DOLLAR AMOUNT OF DEFICIENCY IN EARNINGS TO FIXED CHARGES (117,643) (70,404) (86,003) YEARS ENDED DECEMBER 31, ----------------------------- 2005 ----------------------------- SIX MONTHS JANUARY 1 TO MAY 10 TO ENDED MAY 9, DECEMBER 31, JUNE 30, 2005 2005 2006 ------------ ------------ ---------- FIXED CHARGES: Interest expense and amortization of deferred financing costs 35,679 37,623 40,005 Write-off of capitalized loan costs 7,462 0 0 Capitalized interest 0 2,493 600 ---------------------------------------------- TOTAL FIXED CHARGES (A) 43,141 40,116 40,605 ---------------------------------------------- EARNINGS: Add: Net Income (loss) 29,215 50,332 (14,758) Add: Minority interest expense (income) 0 0 (617) Add: Income taxes expense (recovery) 2,648 (2,910) (378) --------------------------------------------------------------------------------------- Pretax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries 31,863 47,422 (15,753) --------------------------------------------------------------------------------------- Fixed charges 43,141 40,116 40,605 Amortization of capitalized interest 0 22 104 Subtract: Capitalized interest 0 (2,493) (600) Minority interest expense of subsidiaries that have not incurred fixed charges 0 0 0 ---------------------------------------------- TOTAL EARNINGS AVAILABLE TO COVER FIXED CHARGES (B) 75,004 85,067 24,356 ---------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES (B/A) 1.74 2.12 0.60 DOLLAR AMOUNT OF DEFICIENCY IN EARNINGS TO FIXED CHARGES (16,249)