Exhibit 12
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
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| (Dollars in thousands, except ratios) |
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Year ended December 31, |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
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Earnings before income taxes |
| $ | 24,968 |
| $ | 19,110 |
| $ | 17,291 |
| $ | 21,689 |
| $ | 34,573 |
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Earnings from unconsolidated companies excluding equity in undistributed earnings of unconsolidated companies |
| 6,702 |
| 7,892 |
| 7,080 |
| 8,165 |
| 9,752 |
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Add back dividends received |
| — |
| — |
| — |
| — |
| — |
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Total earnings before income taxes |
| $ | 31,670 |
| $ | 27,002 |
| $ | 24,371 |
| $ | 29,854 |
| $ | 44,325 |
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Fixed charges: |
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Interest |
| $ | 20,403 |
| $ | 21,691 |
| $ | 22,549 |
| $ | 22,628 |
| $ | 31,822 |
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Amortization of finance costs |
| 1,152 |
| 1,617 |
| 3,280 |
| 2,276 |
| 2,845 |
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Interest on guaranteed indebtedness |
| — |
| — |
| — |
| — |
| — |
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Total interest |
| 21,555 |
| 23,308 |
| 25,829 |
| 24,904 |
| 34,667 |
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Interest factor of rent expense |
| 403 |
| 369 |
| 455 |
| 572 |
| 637 |
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Total fixed charges |
| 21,958 |
| 23,677 |
| 26,284 |
| 25,476 |
| 35,304 |
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Capitalized interest |
| 882 |
| 1,271 |
| 1,795 |
| 1,708 |
| 448 |
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Fixed charges (excluding capitalized interest) |
| $ | 21,076 |
| $ | 22,406 |
| $ | 24,489 |
| $ | 23,768 |
| $ | 34,856 |
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Earnings before fixed charges (excluding capitalized interest) and income taxes |
| $ | 52,746 |
| $ | 49,408 |
| $ | 48,860 |
| $ | 53,622 |
| $ | 79,181 |
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Ratio of earnings to fixed charges |
| 2.4 |
| 2.1 |
| 1.9 |
| 2.1 |
| 2.2 |
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Deficiency in earnings to cover fixed charges |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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