EX-12 22 d962251_ex12.htm RATIO OF EARNINGS TO FIXED CHARGES WORKSHEET d962251_ex12.htm

EXHIBIT 12

Eagle Bulk Shipping
              
               
 
 
   
                         
Ratio of Earnings to Fixed Charges Worksheet
  
 Period from January 26, 2005 (inception) to December 31, 2005
      Year Ended December 31,  
                         
Earnings
  
 
    
2006
    
2007
    
2008
  
                         
Net Income
    6,653,400       33,801,540       52,243,981       61,632,809  
Fixed Charges (as per below)
     7,208,641       10,808,196       22,141,394       44,117,890  
Capitalized Interest (as per below)
      -       (259,580 )     (9,400,288 )     (26,211,616 )
Total Earnings
     13,862,041       44,350,156       64,985,087       79,539,083  
                                 
Fixed Charges
                                
Interest Expense
     5,979,864       10,370,370       12,498,749       15,571,734  
Amortization of Debt Issuance Costs
      98,065       178,246        242,357        244,839  
Write-Off of Debt Issuance Costs
     1,130,712        -        -        2,089,701  
Capitalized Interest
      -       259,580       9,400,288       26,211,616  
Total
     7,208,641       10,808,196       22,141,394       44,117,890  
                                 
Ratio of earnings to fixed charges
     1.9       4.1       2.9       1.8