Exhibit 12.1
NCL Corporation, Ltd.
Statement Regarding Computation of Ratios
Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before tax | $ | 128,559 | $ | 23,122 | $ | 67,455 | $ | (210,887 | ) | $ | (224,701 | ) | ||||||||
Less—capitalized interest | (16,686 | ) | (8,842 | ) | (12,067 | ) | (14,491 | ) | (18,849 | ) | ||||||||||
Total fixed charges | 217,119 | 194,542 | 140,827 | 174,702 | 204,742 | |||||||||||||||
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Total earnings | $ | 328,992 | $ | 208,822 | $ | 196,215 | $ | (50,676 | ) | $ | (38,808 | ) | ||||||||
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Fixed charges: | ||||||||||||||||||||
Operating lease expense factored at one-third | $ | 10,208 | $ | 11,928 | $ | 13,410 | $ | 7,847 | $ | 10,484 | ||||||||||
Interest cost | 206,911 | 182,614 | 127,417 | 166,855 | 194,258 | |||||||||||||||
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Total fixed charges | $ | 217,119 | $ | 194,542 | $ | 140,827 | $ | 174,702 | $ | 204,742 | ||||||||||
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Ratio of earnings to fixed charges | 1.52x | 1.07x | 1.39x | |||||||||||||||||
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Deficiency in fixed charge coverage ratio | $ | (225,378 | ) | $ | (243,550 | ) | ||||||||||||||
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For purposes of computing the ratio of earnings to fixed charges, earnings consist of net income (loss) before tax less capitalized interest plus fixed charges. Fixed charges consist of interest (expensed and capitalized) on all indebtedness, plus a one-third proportion of rental expense deemed to be representative of the interest.