Exhibit 12

STEALTHGAS INC.
Computation of Ratio of Earnings to Fixed Charges

						Three Months Ended March 31,												Years Ended December 31,
						2007						2006						2006						2005						2004
			Net income				$	6,622,454					$	6,958,693					$	18,492,509					$	14,536,051					$	531,208
Plus			Interest expenses					2,371,362						1,347,375						7,659,522						2,643,863						—
			Amortization of capital expenses relating to indebtedness					20,847						9,919						46,080						41,344						—
			Interest portion of rental expense					6,360						5,850						24,357						12,458						—
			EARNINGS				$	9,021,023					$	8,321,837					$	26,222,468					$	17,233,716					$	531,208
			Interest expenses				$	2,371,362					$	1,347,375					$	7,659,522					$	2,643,863					$	—
			Amortization of capital expenses relating to indebtedness					20,847						9,919						46,080						41,344						—
			Interest portion of rental expense					6,360						5,850						24,357						12,458
			FIXED CHARGES				$	2,398,569					$	1,363,144					$	7,729,959					$	2,697,665					$	—
			RATIO OF EARNINGS TO FIXED CHARGES					3.76						6.10						3.39						6.39						—