Exhibit 12
DANAOS CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Expressed in thousands of United States Dollars, except ratios)
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| Years Ended December 31, |
| Nine Months |
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|
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
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Earnings |
|
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|
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Income from continued operations (before equity income) |
| $ | 28,164 |
| $ | 40,204 |
| $ | 74,307 |
| 79,488 |
| $ | 65,419 |
| $ | 78,448 |
| |
Add: |
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|
|
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|
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|
|
|
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Fixed charges |
| 8,304 |
| 9,422 |
| 13,638 |
| 24,465 |
| 35,525 |
| 30,218 |
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Amortization of capitalized expenses relating to indebtedness |
| — |
| — |
| — |
| 101 |
| 109 |
| 124 |
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Less: |
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Interest capitalized |
| — |
| 2,027 |
| 3,215 |
| 5,275 |
| 8,620 |
| 15,680 |
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|
| $ | 36,468 |
| $ | 47,599 |
| $ | 84,730 |
| $ | 98,779 |
| $ | 89,433 |
| $ | 93,110 |
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Fixed Charges |
|
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Interest expensed |
| 8,304 |
| 7,395 |
| 10,423 |
| 19,190 |
| 23,905 |
| 14,538 |
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Interest capitalized |
| — |
| 2,027 |
| 3,215 |
| 5,275 |
| 8,620 |
| 15,680 |
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|
| $ | 8,304 |
| $ | 9,422 |
| $ | 13,638 |
| $ | 24,465 |
| $ | 32,525 |
| $ | 30,218 |
|
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Ratio of Earnings to Fixed Charges |
| 4.39 |
| 5.05 |
| 6.21 |
| 4.04 |
| 2.75 |
| 3.08 |
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