EX-12 9 a2180604zex-12.htm EX-12

Exhibit 12

 

DANAOS CORPORATION
Computation of Ratio of Earnings to Fixed Charges

 

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

 

 

 

Years Ended December 31,

 

Nine Months
Ended
September 30,

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

2007

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continued operations (before equity income)

 

$

28,164

 

$

40,204

 

$

74,307

 

79,488

 

$

65,419

 

$

78,448

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

8,304

 

9,422

 

13,638

 

24,465

 

35,525

 

30,218

 

Amortization of capitalized expenses relating to indebtedness

 

—

 

—

 

—

 

101

 

109

 

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

2,027

 

3,215

 

5,275

 

8,620

 

15,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

36,468

 

$

47,599

 

$

84,730

 

$

98,779

 

$

89,433

 

$

93,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

8,304

 

7,395

 

10,423

 

19,190

 

23,905

 

14,538

 

Interest capitalized

 

—

 

2,027

 

3,215

 

5,275

 

8,620

 

15,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,304

 

$

9,422

 

$

13,638

 

$

24,465

 

$

32,525

 

$

30,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.39

 

5.05

 

6.21

 

4.04

 

2.75

 

3.08