EX-12 2 a2181248zex-12.htm EXHIBIT 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

 

$

74,306

 

$

79,489

 

$

65,419

 

$

78,448

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

8,952

 

10,819

 

14,774

 

28,690

 

37,860

 

30,591

 

Amortization of capitalized expenses relating to indebtedness

 

—

 

—

 

—

 

101

 

109

 

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

2,027

 

3,215

 

5,275

 

8,620

 

15,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

37,116

 

$

48,996

 

$

85,865

 

$

103,005

 

$

94,768

 

$

93,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

8,952

 

8,792

 

11,559

 

23,415

 

29,240

 

14,911

 

Interest capitalized

 

—

 

2,027

 

3,215

 

5,275

 

8,620

 

15,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,952

 

$

10,819

 

$

14,774

 

$

28,690

 

$

37,860

 

$

30,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.15

 

4.53

 

5.81

 

3.59

 

2.50

 

3.06