EX-12.1 4 k50042exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
                                         
    Year Ended December 31,  
(in thousands of U.S. dollars)   2010     2009     2008     2007     2006  
 
Fixed charges:
                                        
Interest expense
   $ 64,904     $ 87,041     $ 98,903     $ 93,779     $ 19,862 (2)
Portion of rent expense representative of interest
     9,174       9,513       10,419       8,967       2,900  
 
Total fixed charges
   $ 74,078     $ 96,554     $ 109,322     $ 102,746     $ 22,762  
 
 
                                        
Earnings (Loss):
                                        
Earnings (loss) before income taxes
   $ 632,655     $ 110,943     $ (215,837 )   $ 79,996     $ 74,674  
Fixed charges per above
     74,078       96,554       109,322       102,746       22,762  
 
Total earnings (loss)
   $ 706,733     $ 207,497     $ (106,515 )   $ 182,742     $ 97,436  
 
 
                                        
Ratio of earnings to fixed charges
     9.54       2.15       (1 )     1.78       4.28  
 
 
(1)   Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges by $215.8 million.
 
(2)   Excludes $13,751 of interest expense for premiums and losses on swap and swaption contracts. These contracts are unrelated to our indebtedness.