Exhibit 12
STEALTHGAS INC.
Computation of Ratio of Earnings to Fixed Charges
Three Months Ended March 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||||||
Net income | $ | 6,622,454 | $ | 6,958,693 | $ | 18,492,509 | $ | 14,536,051 | $ | 531,208 | |||||||||||||||||||||||
Plus | Interest expenses | 2,371,362 | 1,347,375 | 7,659,522 | 2,643,863 | — | |||||||||||||||||||||||||||
Amortization of capital expenses relating to indebtedness | 20,847 | 9,919 | 46,080 | 41,344 | — | ||||||||||||||||||||||||||||
Interest portion of rental expense | 6,360 | 5,850 | 24,357 | 12,458 | — | ||||||||||||||||||||||||||||
EARNINGS | $ | 9,021,023 | $ | 8,321,837 | $ | 26,222,468 | $ | 17,233,716 | $ | 531,208 | |||||||||||||||||||||||
Interest expenses | $ | 2,371,362 | $ | 1,347,375 | $ | 7,659,522 | $ | 2,643,863 | $ | — | |||||||||||||||||||||||
Amortization of capital expenses relating to indebtedness | 20,847 | 9,919 | 46,080 | 41,344 | — | ||||||||||||||||||||||||||||
Interest portion of rental expense | 6,360 | 5,850 | 24,357 | 12,458 | |||||||||||||||||||||||||||||
FIXED CHARGES | $ | 2,398,569 | $ | 1,363,144 | $ | 7,729,959 | $ | 2,697,665 | $ | — | |||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.76 | 6.10 | 3.39 | 6.39 | — | ||||||||||||||||||||||||||||