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H.S. sophomore Avg
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Exhibit 12
ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
Year ended December 31, |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
|
|
| (Dollars in thousands, except ratios) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) before income taxes |
| 51,658 |
| (10,923 | ) | (9,410 | ) | (38,170 | ) | (49,650 | ) |
Distributed interest from unconsolidated companies |
| 7,476 |
| 6,240 |
| — |
| — |
| — |
|
Add back dividends received |
| 1,763 |
| 3,840 |
| 3,790 |
| 1,759 |
| 2,428 |
|
Impairments on equity method investment |
| — |
| 22,992 |
| — |
| — |
| — |
|
Total earnings/(loss) before income taxes |
| 60,897 |
| 22,149 |
| (5,620 | ) | (36,411 | ) | (47,222 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
| 46,093 |
| 53,206 |
| 34,074 |
| 33,498 |
| 37,449 |
|
Amortization of finance costs |
| 2,905 |
| 2,837 |
| 3,427 |
| 4,784 |
| 7,029 |
|
Interest on guaranteed indebtedness |
| — |
| — |
| — |
| — |
| — |
|
Total interest |
| 48,998 |
| 56,043 |
| 37,501 |
| 38,282 |
| 44,478 |
|
Interest factor of rent expense |
| 1,366 |
| 2,935 |
| 2,942 |
| 3,153 |
| 3,288 |
|
Total fixed charges |
| 50,364 |
| 58,978 |
| 40,443 |
| 41,435 |
| 47,766 |
|
Capitalized interest |
| 5,619 |
| 7,628 |
| 5,275 |
| 3,130 |
| 863 |
|
Fixed charges (excluding capitalized interest) |
| 44,745 |
| 51,350 |
| 35,168 |
| 38,305 |
| 46,903 |
|
Earnings/(losses) before fixed charges (excluding capitalized interest) and income taxes |
| 105,642 |
| 73,499 |
| 29,548 |
| 1,894 |
| (319 | ) |
Ratio of earnings to fixed charges |
| 2.1 |
| 1.2 |
| 0.7 |
| 0.0 |
| 0.0 |
|
Deficiency in earnings to cover fixed charges |
| — |
| — |
| 5,620 |
| 36,411 |
| 47,222 |
|