Exhibit 12
EAGLE BULK SHIPPING INC.
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 12/31/07 | Year Ended December 12/31/08 | Year Ended December 12/31/09 | Year Ended December 12/31/10 | Year Ended December 12/31/11 | 6 Months Ended June 30, 2012 | |||||||||||||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest Expense | 12,741,106 | 15,816,573 | 28,904,610 | 48,885,674 | 46,769,965 | 23,014,252 | ||||||||||||||||||
| Capitalized Interest | 9,400,288 | 26,211,616 | 28,485,470 | 12,020,462 | 2,582,127 | - | ||||||||||||||||||
| Fixed Charges | 22,141,394 | 42,028,189 | 57,390,080 | 60,906,136 | 49,352,092 | 23,014,252 | ||||||||||||||||||
| Earnings | ||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Income/(Loss) before taxes | 52,243,981 | 61,632,809 | 33,287,271 | 26,844,650 | (14,819,749 | ) | (40,539,768 | ) | ||||||||||||||||
| Fixed Charges | 22,141,394 | 42,028,189 | 57,390,080 | 60,906,136 | 49,352,092 | 23,014,252 | ||||||||||||||||||
| Deduct | ||||||||||||||||||||||||
| Capitalized Interest | (9,400,288 | ) | (26,211,616 | ) | (28,485,470 | ) | (12,020,462 | ) | (2,582,127 | ) | - | |||||||||||||
| Earnings | 64,985,087 | 77,449,382 | 62,191,881 | 75,730,324 | 31,950,216 | (17,525,516 | ) | |||||||||||||||||
| Ratio of Earnings to Fixed Charges | 2.9 | 1.8 | 1.1 | 1.2 | 0.6 | (0.8 | ) | |||||||||||||||||
| Deficiency of earnings available to cover fixed charges | 17,401,876 | 40,539,768 | ||||||||||||||||||||||
The ratio of earnings to fixed charges was less than 1.0 for the year ended December 31, 2011. Additional earnings of $17.4 million would be needed to have a one-to-one ratio of earnings to fixed charges.
The ratio of earnings to fixed charges was negative for the year ended June 30, 2012. Additional earnings of $40.5 million would be needed to have a one-to-one ratio of earnings to fixed charges.