Exhibit 12.1
Tsakos Energy Navigation Limited
Computation of Ratio of Earnings to Fixed Charges
(Expressed in thousands of United States Dollars, except ratios)
Three months Ended | Years Ended December 31, | |||||||||||||||||||||||
March 31, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continued operations (before noncontrolling interest) | 14,498 | (38,570 | ) | (49,056 | ) | (88,950 | ) | 21,035 | 30,175 | |||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 9,314 | 43,719 | 52,819 | 54,735 | 56,328 | 59,877 | ||||||||||||||||||
Amortization of capitalized interest | 345 | 1,357 | 1,336 | 1,399 | 1,591 | 1,105 | ||||||||||||||||||
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24,157 | 6,506 | 5,099 | (32,816 | ) | 78,954 | 91,157 | ||||||||||||||||||
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Less: | ||||||||||||||||||||||||
Interest capitalized | (532 | ) | (1,945 | ) | (1,758 | ) | (2,532 | ) | (2,520 | ) | (2,050 | ) | ||||||||||||
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23,625 | 4,561 | 3,341 | (35,348 | ) | 76,434 | 89,107 | ||||||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expensed | 8,469 | 40,673 | 50,115 | 51,208 | 52,644 | 56,950 | ||||||||||||||||||
Interest capitalized | 532 | 1,945 | 1,758 | 2,532 | 2,520 | 2,050 | ||||||||||||||||||
Amortization of capitalized expenses relating to indebtedness | 313 | 1,101 | 946 | 995 | 1,138 | 877 | ||||||||||||||||||
Interest portion of rental expense | — | — | — | — | 26 | — | ||||||||||||||||||
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9,314 | 43,719 | 52,819 | 54,735 | 56,328 | 59,877 | |||||||||||||||||||
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Preference dividends | 2,109 | 3,676 | — | — | — | — | ||||||||||||||||||
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Fixed Charges and Preference dividends | 11,423 | 47,395 | 52,819 | 54,735 | 56,328 | 59,877 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 2.1x | n/a | n/a | n/a | 1.4x | 1.5x | ||||||||||||||||||
Dollar amount of the coverage deficiency | n/a | 42,834 | 49,478 | 90,083 | n/a | n/a |