Exhibit 12 EAGLE BULK SHIPPING UNIVERSAL SHELF RATIO OF EARNINGS TO FIXED CHARGES WORKSHEET Period 31-DEC-05 30-JUN-06 30-SEP-06 ---------- ---------- ---------- 1. Net Income 6,653,400 20,184,237 29,284,974 2. Fixed Charges (as per below) 7,208,641 4,183,673 7,364,009 3. Amortized Capitalized Interest -- -- ---------- ---------- ---------- Total Earnings 13,862,041 24,367,910 36,648,983 ---------- ---------- ---------- Fixed Charges 1. All Interest 5,979,864 4,117,448 7,246,518 2a. Amortization of Debt Issuance Costs 98,065 66,225 117,491 2b. Write-Off of Debt Issuance Costs 1,130,712 3. Interest Portion of Rental Expense -- -- 4. Preferred Stock Dividends -- -- ---------- ---------- ---------- Total 7,208,641 4,183,673 7,364,009 ---------- ---------- ---------- Ratio of earnings to fixed charges 1.9 5.8 5.0
Cardinal Shipping Inactive
Filed: 29 Dec 06, 12:00am