Costamare (CMRE) F-3 Shelf registration (foreign)

Exhibit 12.1

RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table shows our unaudited ratios of earnings to (a) fixed charges and (b) fixed charges and preferred stock dividends for each of the preceding five fiscal years.

	Six months ended June 30,			For the years ended December 31,
	2016			2015		2014			2013			2012			2011
	(in thousands of U.S. dollars)
Earnings
Net Income		72,038			143,764		115,087			103,087			81,129			87,592
Plus: Loss / (Income) of equity investees		405			529		3,428			(692	)		—			—
Fixed charges		36,079			78,766		90,868			77,509			72,519			70,745
Amortization of capitalized interest		446			896		782			209			—			—
Distributed income of equity investees		—			—		3,949			—			—			—
Less: Loss from equity investees with guaranteed debt		(1,251	)		—		(153	)		—			—			—
Interest capitalized		—			—		(1,795	)		(11,098	)		(8,476	)		(5,525	)
Total Earnings		107,717			223,955		212,166			169,015			145,172			152,812
Fixed charges
Interest expenses and capitalized		34,790			76,870		86,746			75,940			71,362			67,998
Interest expense of loss making equity investees with guaranteed debt		404			—		15			—			—			—
Amortization and write-off of capitalized expenses relating to indebtedness		885			1,896		4,107			1,569			1,157			2,747
Total fixed charges		36,079			78,766		90,868			77,509			72,519			70,745
Preferred stock dividends		10,473			17,903		11,909			1,536			—			—
Total fixed charges and preferred stock dividends		46,552			96,669		102,777			79,045			72,519			70,745
Ratio of Earnings to Fixed Charges(1)		2.99			2.84		2.33			2.18			2.00			2.16
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends(1)		2.31			2.32		2.06			2.14			2.00			2.16

(1) For purposes of calculating the ratios of earnings to fixed charges and to fixed charges and preferred stock dividends:

· “earnings” consist of pre-tax income from continuing operations before adjustment for equity investees (which include non-cash unrealized gains and losses on derivative financial instruments) plus fixed charges, net of capitalized interest and capitalized amortization of deferred financing fees, amortization of capitalized interest, distributed income of equity investees, less loss from equity investees with guaranteed debt;

· “fixed charges” represent interest incurred (whether expensed or capitalized), interest expense of loss-making, equity investees with guaranteed debt and amortization of deferred financing costs (whether expensed or capitalized) and accretion of discount. Costamare is guarantor for the debt (including sale and leaseback transactions) of certain equity investees; and

· “preferred stock dividends” refers to the amount of pre-tax earnings that is accrued for dividends on outstanding preferred stock. Beginning on August 7, 2013, we had 2,000,000 shares of Series B Preferred Stock outstanding, beginning on January 21, 2014, we had 4,000,000 shares of Series C Preferred Stock outstanding and beginning on May 13, 2015, we had 4,000,000 shares of Series D Preferred Stock outstanding.