Exhibit 12.1
Tsakos Energy Navigation Limited
Computation of Ratio of Earnings to Fixed Charges*
(Unaudited)
(Expressed in thousands of United States Dollars, except ratios)
Nine Months Ended September 30, 2003 | Years Ended December 31, | ||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||
Earnings | |||||||||||||||||||
Pretax income from continued operations | 43,858 | 3,697 | 24,616 | 14,053 | (2,461 | ) | 8,895 | ||||||||||||
Add: | |||||||||||||||||||
Fixed charges | 14,309 | 11,444 | 14,545 | 21,176 | 20,471 | 15,720 | |||||||||||||
Amortization of Capitalized Interest | 160 | 67 | 19 | 19 | 19 | 19 | |||||||||||||
Distributed income of equity investees | 1,145 | — | — | — | — | — | |||||||||||||
59,472 | 15,208 | 39,180 | 35,248 | 18,029 | 24,634 | ||||||||||||||
Less: | |||||||||||||||||||
Interest capitalized | (628 | ) | (3,203 | ) | (1,600 | ) | (503 | ) | — | (317 | ) | ||||||||
58,844 | 12,005 | 37,580 | 34,745 | 18,029 | 24,317 | ||||||||||||||
Fixed Charges | |||||||||||||||||||
Interest expensed | 13,040 | 7,955 | 12,659 | 20,400 | 20,005 | 14,561 | |||||||||||||
Interest capitalized | 628 | 3,203 | 1,600 | 503 | — | 317 | |||||||||||||
Amortization of capitalized expenses relating to indebtedness | 641 | 286 | 286 | 273 | 466 | 842 | |||||||||||||
14,309 | 11,444 | 14,545 | 21,176 | 20,471 | 15,720 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 4.1 | x | 1.0 | x | 2.6 | x | 1.6 | x | 0.9 | x | 1.5 | x | |||||||
Dollar Amount (in thousands) of Deficiency in Earnings to Fixed Charges | N/A | N/A | N/A | N/A | $ | 2,442 | N/A |
* | As defined in Item 503(d) of Regulation S-K of the Securities Exchange Act of 1934. |