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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Income from continued operations (before equity income) |
| $ | 28,164 |
| $ | 40,204 |
| $ | 74,306 |
| $ | 79,489 |
| $ | 65,419 |
| $ | 78,448 |
|
Add: |
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Fixed charges |
| 8,952 |
| 10,819 |
| 14,774 |
| 28,690 |
| 37,860 |
| 30,591 |
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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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|
| $ | 37,116 |
| $ | 48,996 |
| $ | 85,865 |
| $ | 103,005 |
| $ | 94,768 |
| $ | 93,483 |
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Fixed Charges |
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Interest expensed |
| 8,952 |
| 8,792 |
| 11,559 |
| 23,415 |
| 29,240 |
| 14,911 |
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Interest capitalized |
| — |
| 2,027 |
| 3,215 |
| 5,275 |
| 8,620 |
| 15,680 |
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|
| $ | 8,952 |
| $ | 10,819 |
| $ | 14,774 |
| $ | 28,690 |
| $ | 37,860 |
| $ | 30,591 |
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Ratio of Earnings to Fixed Charges |
| 4.15 |
| 4.53 |
| 5.81 |
| 3.59 |
| 2.50 |
| 3.06 |
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