Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
2012 | 2011(1) | 2010 | 2009 | 2008(2) | ||||||||||||||||
(in thousands of U.S. dollars except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net (loss) income from continuing operations after non-controlling interests | $ | 113,407 | $ | (92,595 | ) | $ | 33,015 | $ | 54,215 | $ | (203,052 | ) | ||||||||
Add: income tax (recovery) expense | (10,477 | ) | 6,679 | (9,718 | ) | 13,792 | (62,090 | ) | ||||||||||||
Add: non-controlling interests in net (loss) income from continuing operations | 58 | 19,527 | 29,240 | 48,749 | 4,423 | |||||||||||||||
Add: fixed charges | 51,607 | 45,832 | 55,368 | 59,786 | 102,266 | |||||||||||||||
Add: amortization of capitalized interest | 1,298 | 1,011 | 739 | 704 | 695 | |||||||||||||||
Less: interest capitalized | (1,522 | ) | (5,870 | ) | (10,940 | ) | — | — | ||||||||||||
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Earnings | $ | 154,371 | $ | (25,416 | ) | $ | 97,704 | $ | 177,246 | $ | (157,758 | ) | ||||||||
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Fixed Charges | ||||||||||||||||||||
Interest expensed | $ | 47,799 | $ | 36,216 | $ | 36,576 | $ | 49,361 | $ | 90,212 | ||||||||||
Interest capitalized | 1,522 | 5,870 | 10,940 | — | — | |||||||||||||||
Estimated interest expense in time charter hire expense | 2,286 | 3,746 | 7,852 | 10,425 | 12,054 | |||||||||||||||
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Fixed Charges | $ | 51,607 | $ | 45,832 | $ | 55,368 | $ | 59,786 | $ | 102,266 | ||||||||||
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Ratios | 3.0x | <1.0x | 1.8x | 3.0x | <1.0x |
(1) | For the year ended December 31, 2011, the ratio of earnings to fixed charges was less than 1.0x. The amount of the deficiency was $71.2 million. |
(2) | For the year ended December 31, 2008, the ratio of earnings to fixed charges was less than 1.0x. The amount of the deficiency was $260.0 million. |