EX-12.1 7 d519206dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS

TO FIXED CHARGES

 

     2012     2011(1)     2010     2009      2008(2)  
     (in thousands of U.S. dollars except ratios)  

Earnings

            

Net (loss) income from continuing operations after non-controlling interests

    $ 113,407      $ (92,595 )    $ 33,015      $ 54,215       $ (203,052 ) 

Add: income tax (recovery) expense

      (10,477 )      6,679        (9,718 )      13,792         (62,090 ) 

Add: non-controlling interests in net (loss) income from continuing operations

      58        19,527        29,240        48,749         4,423   

Add: fixed charges

      51,607        45,832        55,368        59,786         102,266   

Add: amortization of capitalized interest

      1,298        1,011        739        704         695   

Less: interest capitalized

      (1,522 )      (5,870 )      (10,940 )      —           —     
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Earnings

    $ 154,371      $ (25,416 )    $ 97,704      $ 177,246       $ (157,758 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Fixed Charges

            

Interest expensed

    $ 47,799      $ 36,216      $ 36,576      $ 49,361       $ 90,212   

Interest capitalized

      1,522        5,870        10,940        —           —     

Estimated interest expense in time charter hire expense

      2,286        3,746        7,852        10,425         12,054   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Fixed Charges

    $ 51,607      $ 45,832      $ 55,368      $ 59,786       $ 102,266   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Ratios

      3.0x        <1.0x        1.8x        3.0x         <1.0x   

 

(1) For the year ended December 31, 2011, the ratio of earnings to fixed charges was less than 1.0x. The amount of the deficiency was $71.2 million.

 

(2) For the year ended December 31, 2008, the ratio of earnings to fixed charges was less than 1.0x. The amount of the deficiency was $260.0 million.