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Exhibit 12
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(Dollars in thousands, except ratios)
| Year ended December 31, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2000 | 2001 | 2002 | 2003 | |||||||||
Earnings before minority interests and income taxes | $ | 45,965 | $ | 34,080 | $ | 29,144 | $ | 26,646 | |||||
Equity in undistributed earnings of unconsolidated companies | (2,995 | ) | (2,410 | ) | (2,142 | ) | (2,275 | ) | |||||
Add back dividends received | — | — | — | — | |||||||||
Total earnings before income taxes | $ | 42,970 | $ | 31,670 | $ | 27,002 | $ | 24,371 | |||||
Fixed charges: | |||||||||||||
Interest | $ | 23,770 | $ | 20,403 | $ | 21,691 | $ | 22,549 | |||||
Amortization of finance costs | 892 | 1,152 | 1,617 | 3,280 | |||||||||
Total interest | 24,662 | 21,555 | 23,308 | 25,829 | |||||||||
Interest factor of rent expense | 336 | 403 | 369 | 455 | |||||||||
Total fixed charges | 24,998 | 21,958 | 23,677 | 26,284 | |||||||||
Capitalized interest | 331 | 882 | 1,271 | 1,795 | |||||||||
Fixed charges (excluding capitalized interest) | $ | 24,667 | $ | 21,076 | $ | 22,406 | $ | 24,484 | |||||
Earnings before fixed charges (excluding capitalized interest) and income taxes | $ | 67,637 | $ | 52,746 | $ | 49,408 | $ | 48,860 | |||||
Ratio of earnings to fixed charges | 2.7 | 2.4 | 2.1 | 1.9 | |||||||||
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ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES Computation of Ratios of Earnings to Fixed Charges (Dollars in thousands, except ratios)