Exhibit 12.1
GENCO SHIPPING & TRADING LIMITED CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in thousands of dollars, except ratios) | ||||||||||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income | $ | 12,171 | 147,409 | $ | 148,624 | $ | 86,580 | $ | 106,809 | $ | 63,522 | |||||||||||||
Adjustments: | ||||||||||||||||||||||||
Fixed charges | 21,439 | 73,252 | 63,816 | 58,523 | 31,009 | 10,192 | ||||||||||||||||||
Plus amortization of capitalized interest | 114 | 452 | 210 | 51 | 4 | |||||||||||||||||||
Less capitalized interest | (79 | ) | (446 | ) | (1,864 | ) | (5,778 | ) | (4,350 | ) | - | |||||||||||||
Earnings | $ | 33,645 | $ | 220,667 | $ | 210,786 | $ | 139,376 | $ | 133,472 | $ | 73,714 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized interest | 20,622 | 71,119 | $ | 62,622 | $ | 53,452 | $ | 26,725 | $ | 9,694 | ||||||||||||||
Amortization of deferred financing costs | 778 | 1,977 | 1,038 | 4,915 | (A) | 4,128 | (B) | 341 | ||||||||||||||||
Interest component of rent expense | 39 | 156 | 156 | 156 | 156 | 157 | ||||||||||||||||||
Total fixed charges | $ | 21,439 | $ | 73,252 | $ | 63,816 | $ | 58,523 | $ | 31,009 | $ | 10,192 | ||||||||||||
Ratio of earnings to fixed charges | 1.57 | 3.01 | 3.30 | 2.38 | 4.30 | 7.23 | ||||||||||||||||||
(A) Includes write off of deferred financing cost of $4,113 associated with the cancellation of the $320 million credit facility on November 12, 2008 and the amendment to the 2007 Credit Facility on January 26, 2009. | ||||||||||||||||||||||||
(B) The Company refinanced its credit facility on July 20, 2007, and this resulted in the write-off of unamortized deferred financing costs of $3,568 in the third quarter of 2007. |