EX-12.1 7 o08564exv12w1.txt EXHIBIT 12.1 Exhibit 12.1 Statement Regarding Computation of Ratios Teekay Shipping Corporation Computation of Ratio of Earnings to Fixed Charges* (In Thousands Except Ratios)
Nine Months Fiscal Years Ended Ended ----------------------------------------------------------- Sep. 30, Dec. 31, Dec. 31, Dec. 31, Mar. 31, Mar. 31, 2002 2001 2000 1999 1999** 1998 ------- -------- ------- -------- -------- -------- (unaudited) (nine months) Fixed Charges: Interest expense and amortization of deferred financing costs 43,854 66,249 74,540 44,996 44,797 56,269 Capitalized interest 4,150 2,531 - 1,710 3,018 283 ------- ------- ------- -------- ------ ------- Total Fixed Charges (A) 48,004 68,780 74,540 46,706 47,815 56,552 ------- ------- ------- -------- ------ ------- Earnings: Net income (loss) 20,285 336,518 270,020 (19,595) 45,406 70,504 Add (deduct): Extraordinary items - - - - - - Income taxes 9,701 6,963 999 1,500 1,900 - Minority interest expense 1,267 3,553 1,874 - - - Equity income (3,052) (17,324) (9,546) (721) - - Interest expense and amortization of deferred financing costs 43,854 66,249 74,540 44,996 44,797 56,269 Amortization of capitalized interest 1,037 1,332 999 668 1,146 1,135 ------- ------- ------- -------- ------ ------- Total Earnings Available To Cover Fixed Charges (B) 73,092 397,291 338,886 26,848 93,249 127,908 ------- ------- ------- -------- ------ ------- Ratio of Earnings to Fixed Charges (B/A) 1.5x 5.8x 4.6x 0.6x 2.0x 2.3x ======= ======= ======= ======== ====== ======= Dollar Amount of Deficiency in Earnings to Fixed Charges N/A N/A N/A 19,858 N/A N/A ======= ======= ======= ======== ====== =======
* As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934. ** As amended by early adoption of Statement of Financial Accounting Standards No. 145, "Extinguishment of Debt and Capital Lease Modification," which requires any gain or loss on debt extinguishments to be classified as income or loss from continuing operations, rather than as an extraordinary item as previously required under Statement of Financial Accounting Standards No. 4. CAPITALIZATION AND INDEBTEDNESS The following table sets out the Company's capitalization and indebtedness on an historical basis as at September 30, 2002, which have been calculated in accordance with accounting principles generally accepted in the United States.
As at September 30, 2002 ----------------------- (USD 1,000's - unaudited) Capitalization Capital stock 470,299 Retained earnings 929,426 Accumulated other comprehensive loss (5,476) ---------- 1,394,249 ---------- ---------- Minority Interest 20,042 ---------- Indebtedness (1)(2) Due within one year 55,165 Due after more than one year 916,575 ---------- 971,740 ---------- Total Capitalization 2,386,031 ==========
(1) As of September 30, 2002, Teekay were directly obligated for or guaranteed $686.1 million. (2) Of the total indebtedness at September 30, 2002, $704.1 million was secured by certain assets of the Company. Teekay and certain subsidiaries of Teekay have guaranteed their share of the outstanding mortgage debt in three 50%-owned joint venture companies. As of September 30, 2002, Teekay and these subsidiaries have guaranteed $84.4 million of such debt, or 50% of the total $168.8 million in outstanding mortgage debt of the joint venture companies.