Exhibit 12.1
SEACUBE CONTAINER LEASING LTD.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, except Ratios)
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| Predecessor |
| Successor |
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| Period from |
| Period from |
| Year Ended December 31, |
| Nine Months |
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| 2006 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
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Computation of Earnings: |
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Income (loss) before provision for income taxes |
| $ | 4,806 |
| $ | 3,652 |
| $ | 30,766 |
| $ | 30,036 |
| $ | (14,756 | ) | $ | 30,416 |
| $ | 27,039 |
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Interest expense |
| 5,196 |
| 39,490 |
| 63,353 |
| 81,114 |
| 51,922 |
| 44,522 |
| 39,283 |
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Interest factor of operating rents |
| 32 |
| 219 |
| 315 |
| 245 |
| 253 |
| 309 |
| 181 |
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Earnings as adjusted |
| $ | 10,034 |
| $ | 43,361 |
| $ | 94,434 |
| $ | 111,395 |
| $ | 37,419 |
| $ | 75,247 |
| $ | 66,503 |
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Computation of Fixed Charges: |
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Interest expense |
| $ | 5,196 |
| $ | 39,490 |
| $ | 63,353 |
| $ | 81,114 |
| $ | 51,922 |
| $ | 44,522 |
| $ | 39,283 |
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Interest factor of operating rents |
| 32 |
| 219 |
| 315 |
| 245 |
| 253 |
| 309 |
| 181 |
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Fixed charges |
| $ | 5,228 |
| $ | 39,709 |
| $ | 63,668 |
| $ | 81,359 |
| $ | 52,175 |
| $ | 44,831 |
| $ | 39,464 |
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Ratio of Earnings to Fixed Charges(1) |
| 1.9x |
| 1.1x |
| 1.5x |
| 1.4x |
| 0.7x |
| 1.7x |
| 1.7x |
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(1) The ratio for the year ended December 31, 2009 was less than 1:1. To provide a 1:1 coverage ratio for the deficient period would have required additional earnings of $14,756 in the year ended December 31, 2009.
