EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges
(in millions except ratios)
| | Year Ended December 31, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||
Consolidated earnings: | ||||||||||||||||||||||||
Net income (loss) attributable to TBS International plc | $ | (245.3 | ) | $ | (67.0 | ) | $ | 191.8 | $ | 98.2 | $ | 39.1 | $ | 55.7 | $ | 43.2 | ||||||||
Add: Income taxes | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Interest expense | 27.5 | 17.1 | 17.2 | 10.4 | 11.6 | 9.3 | 5.1 | |||||||||||||||||
Portion of rents representative of interest expense | 3.9 | 2.4 | 2.3 | 2.2 | 4.1 | 5.7 | 5.5 | |||||||||||||||||
Total | $ | (213.9 | ) | $ | (47.5 | ) | $ | 211.3 | $ | 110.8 | $ | 54.8 | $ | 70.7 | $ | 53.8 | ||||||||
Fixed charges:(1) | ||||||||||||||||||||||||
Add: Interest expense | $ | 27.5 | $ | 17.1 | $ | 17.2 | $ | 10.4 | $ | 11.6 | $ | 9.3 | $ | 5.1 | ||||||||||
Capitalized interest | 7.9 | 7.9 | 5.9 | 4.9 | — | — | — | |||||||||||||||||
Portion of rents representative of interest expense | 3.9 | 2.4 | 2.3 | 2.2 | 4.1 | 5.7 | 5.5 | |||||||||||||||||
Total | $ | 39.3 | $ | 27.4 | $ | 25.4 | $ | 17.5 | $ | 15.7 | $ | 15 | $ | 10.6 | ||||||||||
Ratio of earnings to fixed charges | * | * | 8.3 | 6.3 | 3.5 | 4.7 | 5.1 | |||||||||||||||||
