EX-12 3 d1315097_ex-12.htm d1315097_ex-12.htm
 
Exhibit 12
 
EAGLE BULK SHIPPING INC.
 
RATIO OF EARNINGS TO FIXED CHARGES
 
                                     
   
Year Ended
December 12/31/07
    
Year Ended
December 12/31/08
    
Year Ended
December 12/31/09
    
Year Ended
December 12/31/10
    
Year Ended
December 12/31/11
    
6 Months Ended
June 30, 2012
  
                                     
Fixed Charges
                                    
Interest Expense
     12,741,106       15,816,573       28,904,610       48,885,674       46,769,965       23,014,252  
Capitalized Interest
     9,400,288       26,211,616       28,485,470       12,020,462       2,582,127       -  
Fixed Charges
     22,141,394       42,028,189       57,390,080       60,906,136       49,352,092       23,014,252  
                                                 
                                                 
Earnings
                                                
Add:
                                                
Income/(Loss) before taxes
     52,243,981       61,632,809       33,287,271       26,844,650       (14,819,749 )     (40,539,768 )
Fixed Charges
     22,141,394       42,028,189       57,390,080       60,906,136       49,352,092       23,014,252  
                                                 
Deduct
                                                
Capitalized Interest
     (9,400,288 )     (26,211,616 )     (28,485,470 )     (12,020,462 )     (2,582,127 )     -  
Earnings
     64,985,087       77,449,382       62,191,881       75,730,324       31,950,216       (17,525,516 )
                                                 
Ratio of Earnings to Fixed Charges
     2.9       1.8       1.1       1.2       0.6       (0.8 )
                                                 
Deficiency of earnings available to cover fixed charges
                                     17,401,876       40,539,768  
 
The ratio of earnings to fixed charges was less than 1.0 for the year ended December 31, 2011. Additional earnings of $17.4 million would be needed to have a one-to-one ratio of earnings to fixed charges.


The ratio of earnings to fixed charges was negative for the year ended June 30, 2012. Additional earnings of $40.5 million would be needed to have a one-to-one ratio of earnings to fixed charges.