Exhibit 12.1
AMERICAN PETROLEUM TANKERS HOLDING PARENT LLC
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
For the Year Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
Loss from Continuing Operations before taxes | $ | (42,408 | ) | $ | (20,025 | ) | $ | (3,027 | ) | $ | (610 | ) | $ | (702 | ) | |||||
Plus Total Fixed Charges | 56,300 | 19,236 | 12,313 | 8,283 | 2,984 | |||||||||||||||
Add: Amortization of capitalized interest | 968 | 454 | — | — | — | |||||||||||||||
Less: Interest capitalized | (5,988 | ) | (10,597 | ) | (12,308 | ) | (8,282 | ) | (2,984 | ) | ||||||||||
Total Earnings | $ | 8,872 | $ | (10,932 | ) | $ | (3,022 | ) | $ | (609 | ) | $ | (702 | ) | ||||||
Fixed Charges | ||||||||||||||||||||
Interest Expense | $ | 50,312 | $ | 8,639 | $ | 5 | $ | 1 | $ | — | ||||||||||
Capitalized Interest, netted in interest expense | 5,988 | 10,597 | 12,308 | 8,282 | 2,984 | |||||||||||||||
Total Fixed Charges | $ | 56,300 | $ | 19,236 | $ | 12,313 | $ | 8,283 | $ | 2,984 | ||||||||||
Earnings to Fixed Charges Ratio(1) | 0.16 | -0.57 | -0.25 | -0.07 | -0.24 | |||||||||||||||
(1) | The earnings deficiency was $47.4 million, $30.2 million, $15.3 million, $8.9 million and $3.7 million for the years ended December 31, 2010, 2009, 2008, 2007 and 2006, respectively. |