Exhibit 12.1
FREESEAS INC.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
(Expressed in thousands of United States Dollars, except ratios)
From Inception | ||||||||||||||||
(April 23, 2004) to | ||||||||||||||||
Years Ended December 31, | December 31, | |||||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
Earnings | ||||||||||||||||
Income from continued operations (before equity income) | $ | (156 | ) | $ | (3,324 | ) | $ | 152 | $ | 470 | ||||||
Add: | ||||||||||||||||
Fixed charges | 3,467 | 1,004 | 1,076 | 240 | ||||||||||||
Amortization of capitalized expenses relating to indebtedness | ||||||||||||||||
Less: | ||||||||||||||||
Interest capitalized | $ | 3,311 | $ | (2,320 | ) | $ | 1,228 | $ | 710 | |||||||
Fixed Charges | ||||||||||||||||
Interest expensed | 3,467 | 1,004 | 1,076 | 240 | ||||||||||||
Interest capitalized | — | — | — | — | ||||||||||||
$ | 3,467 | $ | 1,004 | $ | 1,076 | $ | 240 | |||||||||
Ratio of Earnings to Fixed Charges | (* | ) | (* | ) | 1.14 | 2.96 | ||||||||||
(*) Income from continued operations inadequate to cover fixed charges. Amount required to obtain a ratio of one-to-one: | $ | 156 | $ | 3,324 |