Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table sets forth our unaudited ratio of earnings to fixed charges for each of the preceding five fiscal years.
For The Years Ended December 31, | ||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||
(In thousands of U.S. dollars) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net income | $ | 209,546 | $ | 180,798 | $ | 167,707 | $ | 181,611 | $ | 192,598 | ||||||||||
Add: Fixed charges | 111,935 | 113,588 | 131,525 | 128,795 | 117,653 | |||||||||||||||
321,481 | 294,386 | 299,232 | 310,406 | 310,251 | ||||||||||||||||
Less: Interest capitalized | — | — | 1,124 | 1,603 | 578 | |||||||||||||||
Total earnings | $ | 321,481 | $ | 294,386 | $ | 298,108 | $ | 308,803 | $ | 309,673 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expensed and capitalized | $ | 95,411 | $ | 110,519 | $ | 128,167 | $ | 125,018 | $ | 112,146 | ||||||||||
Amortization and write-off of capitalized expenses relating to indebtedness | 16,524 | 3,069 | 3,358 | 3,777 | 5,507 | |||||||||||||||
Total fixed charges | $ | 111,935 | $ | 113,588 | $ | 131,525 | $ | 128,795 | $ | 117,653 | ||||||||||
Ratio of earnings to fixed charges | 2.87x | 2.59x | 2.27x | 2.40x | 2.63x | |||||||||||||||
(In thousands of U.S. dollars) |
For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of net income available to common shareholders plus interest expense and any amortization and write-off of capitalized expenses relating to indebtedness. Fixed charges consist of interest expense and capitalized interest, the interest portion of rental expense and amortization and write-off of capitalized expenses relating to indebtedness.