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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 | 2004 | ||||||||||
Earnings before income taxes | $ | 37,029 | $ | 24,968 | $ | 19,110 | $ | 17,291 | $ | 21,689 | |||||
Earnings from unconsolidated companies excluding equity in undistributed earnings of unconsolidated companies | 5,941 | 6,702 | 7,892 | 7,080 | 8,185 | ||||||||||
Add back dividends received | — | — | — | — | — | ||||||||||
Total earnings before income taxes | $ | 42,970 | $ | 31,670 | $ | 27,002 | $ | 24,371 | $ | 29,854 | |||||
Fixed charges: | |||||||||||||||
Interest | $ | 23,770 | $ | 20,403 | $ | 21,691 | $ | 22,549 | $ | 22,628 | |||||
Amortization of finance costs | 892 | 1,152 | 1,617 | 3,280 | 2,276 | ||||||||||
Interest on guaranteed indebtedness | — | — | — | — | — | ||||||||||
Total interest | 24,662 | 21,555 | 23,308 | 25,829 | 24,904 | ||||||||||
Interest factor of rent expense | 336 | 403 | 369 | 455 | 572 | ||||||||||
Total fixed charges | 24,998 | 21,958 | 23,677 | 26,284 | 25,476 | ||||||||||
Capitalized interest | 331 | 882 | 1,271 | 1,795 | 1,708 | ||||||||||
Fixed charges (excluding capitalized interest) | $ | 24,667 | $ | 21,076 | $ | 22,406 | $ | 24,489 | $ | 23,768 | |||||
Earnings before fixed charges (excluding capitalized interest) and income taxes | $ | 67,637 | $ | 52,746 | $ | 49,408 | $ | 48,860 | $ | 53,622 | |||||
Ratio of earnings to fixed charges | 2.7 | 2.4 | 2.1 | 1.9 | 2.1 | ||||||||||
Deficiency in earnings to cover fixed charges | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
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ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES Computation of Ratios of Earnings to Fixed Charges (Dollars in thousands, except ratios)