EXHIBIT 12
Tortoise Capital Resources Corporation
Computation of Ratio of Earnings to Fixed Charges
| | Year Ended November 30, |
| 6-months ended 5/31/11 | 2010 | 2009 | 2008 | 2007 | 2006 |
Earnings: | | | | | | |
Net Income (Loss) | $4,205,297 | $16,303,981 | $(1,903,034) | $(23,949,345) | $4,193,812 | $1,013,206 |
Income from Discontinued Operations | - | (4,519,817) | (629,264) | - | - | - |
Current & Deferred Tax Expense (Benefit) | 2,170,948 | 4,662,923 | 111,742 | (10,177,532) | 3,088,737 | 555,708 |
Fixed Charges, less Capitalized Interest and Preferred Dividends | 24,387 | 63,031 | 627,707 | 1,650,926 | 847,421 | - |
Total Earnings | $6,400,632 | $16,510,118 | $(1,792,849) | $(32,475,951) | $8,129,970 | $1,568,914 |
| | | | | | |
Combined Fixed Charges: | | | | | | |
Interest Expense | $ 24,387 | $ 63,031 | $ 627,707 | $ 1,650,926 | $ 847,421 | - |
Capitalized Interest | - | - | - | 157,236 | 5,115 | - |
Total Combined Fixed Charges | $ 24,387 | $ 63,031 | $ 627,707 | $ 1,808,162 | $ 852,536 | - |
| | | | | | |
Ratio of Earnings to Fixed Charges | 262.46 | 261.94 | (2.86) | (17.96) | 9.54 | N/A |
Tortoise Capital Resources Corporation
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
| | Year Ended November 30, |
| 6-months ended 5/31/11 | 2010 | 2009 | 2008 | 2007 | 2006 |
Earnings: | | | | | | |
Net Income (Loss) | $4,205,297 | $16,303,981 | $(1,903,034) | $(23,949,345) | $4,193,812 | $1,013,206 |
Income from Discontinued Operations | - | (4,519,817) | (629,264) | - | - | - |
Current & Deferred Tax Expense (Benefit) | 2,170,948 | 4,662,923 | 111,742 | (10,177,532) | 3,088,737 | 555,708 |
Fixed Charges, less Capitalized Interest and Preferred Dividends | 24,387 | 63,031 | 627,707 | 1,650,926 | 847,421 | - |
Total Earnings | $6,400,632 | $16,510,118 | $(1,792,849) | $(32,475,951) | $8,129,970 | $1,568,914 |
| | | | | | |
Combined Fixed Charges: | | | | | | |
Interest Expense | $ 24,387 | $ 63,031 | $ 627,707 | $ 1,650,926 | $ 847,421 | - |
Capitalized Interest | - | - | - | 157,236 | 5,115 | - |
Preferred Dividends | - | - | - | - | 228,750 | - |
Total Combined Fixed Charges | $ 24,387 | $ 63,031 | $ 627,707 | $ 1,808,162 | $1,081,286 | - |
| | | | | | |
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 262.46 | 261.94 | (2.86) | (17.96) | 7.52 | N/A |