Exhibit 12.1
Tsakos Energy Navigation Limited
Computation of Ratio of Earnings to Fixed Charges
(Expressed in thousands of United States Dollars, except ratios)
Years Ended December 31, | |||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
Earnings | |||||||||||||||
Income from continued operations (before minority interest) | 186,560 | 196,406 | 161,755 | 143,290 | 58,123 | ||||||||||
Add: | |||||||||||||||
Fixed charges | 79,366 | 60,375 | 25,242 | 21,987 | 20,145 | ||||||||||
Amortization of Capitalized Interest | 757 | 319 | 198 | 162 | 201 | ||||||||||
Distributed income of equity investees | 1,126 | ||||||||||||||
266,683 | 257,100 | 187,195 | 165,439 | 79,595 | |||||||||||
Less: | |||||||||||||||
Interest capitalized | (8,944 | ) | (12,474 | ) | (5,344 | ) | (2,708 | ) | (839 | ) | |||||
257,739 | 244,626 | 181,851 | 162,731 | 78,756 | |||||||||||
Fixed Charges | |||||||||||||||
Interest expensed | 68,081 | 42,191 | 13,742 | 12,894 | 15,778 | ||||||||||
Interest capitalized | 8,944 | 12,474 | 5,344 | 2,708 | 839 | ||||||||||
Amortization of capitalized expenses relating to indebtedness | 921 | 1,495 | 1,034 | 368 | 686 | ||||||||||
Interest portion of rental expense | 1,420 | 4,215 | 5,122 | 6,017 | 2,842 | ||||||||||
79,366 | 60,375 | 25,242 | 21,987 | 20,145 | |||||||||||
Ratio of Earnings to Fixed Charges | 3.2x | 4.1x | 7.2x | 7.4x | 3.9x |