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 March 31, 2009 | Years Ended December 31, | |||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||
Earnings | ||||||||||||||||||
Income from continued operations (before noncontrolling interest)(1) | 25,203 | 203,997 | 186,560 | 196,406 | 161,755 | 143,290 | ||||||||||||
Add: | ||||||||||||||||||
Fixed charges | 17,702 | 71,980 | 79,366 | 60,375 | 25,242 | 21,987 | ||||||||||||
Amortization of Capitalized Interest | 297 | 1,144 | 757 | 319 | 198 | 162 | ||||||||||||
| 43,202 | 277,121 | 266,683 | 257,100 | 187,195 | 165,439 | |||||||||||||
Less: | ||||||||||||||||||
Interest capitalized | (571 | ) | (4,319 | ) | (8,944 | ) | (12,474 | ) | (5,344 | ) | (2,708 | ) | ||||||
| 42,631 | 272,802 | 257,739 | 244,626 | 181,851 | 162,731 | |||||||||||||
Fixed Charges | ||||||||||||||||||
Interest expensed | 16,925 | 65,917 | 68,081 | 42,191 | 13,742 | 12,894 | ||||||||||||
Interest capitalized | 571 | 4,319 | 8,944 | 12,474 | 5,344 | 2,708 | ||||||||||||
Amortization of capitalized expenses relating to indebtedness | 206 | 944 | 921 | 1,495 | 1,034 | 368 | ||||||||||||
Interest portion of rental expense | 0 | 800 | 1,420 | 4,215 | 5,122 | 6,017 | ||||||||||||
| 17,702 | 71,980 | 79,366 | 60,375 | 25,242 | 21,987 | |||||||||||||
Ratio of Earnings to Fixed Charges | 2.4 | x | 3.8 | x | 3.2 | x | 4.1 | x | 7.2 | x | 7.4 | x | ||||||
| (1) | Effective January 1, 2009, the Company adopted FASB Statement 160 “Non-controlling Interests in Consolidated Financial Statements – an amendment of Accounting Research Bulletin No. 51” which is reflected in the presentation of its interim consolidated financial information. |