Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Three Months Ended | Year Ended | Period from March 14, 2008 to | ||||||||||||||||||
| March 31, | December 31, | December 31, | ||||||||||||||||||
| 2011 | 2010 | 2010 | 2009 | 2008 | ||||||||||||||||
| (Thousands of U.S. dollars, except other data) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
| (a) Pre-tax (loss)/income from continuing operations before adjustment for income or loss from equity investees | $ | (406 | ) | (297 | ) | (13,546 | ) | (648 | ) | 1,047 | ||||||||||
| (b) Fixed charges | 11,886 | — | 14,185 | — | — | |||||||||||||||
| (c) amortization of capitalized interest | 6 | — | 2 | — | — | |||||||||||||||
| (d) distributed income of equity investees | — | — | — | — | — | |||||||||||||||
| (e) share of pre-tax losses of equity investees for which charges arising from quarantees are included in fixed charges | — | — | — | — | — | |||||||||||||||
| Less: | ||||||||||||||||||||
| (a) Interest capitalized | (2,993 | ) | — | (3,534 | ) | — | — | |||||||||||||
| (b) preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
| (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
Total | $ | 8,493 | (297 | ) | (2,893 | ) | (648 | ) | 1,047 | |||||||||||
Fixed charges: | ||||||||||||||||||||
| (a) Interest expensed and capitalized | 11,505 | — | 13,667 | — | — | |||||||||||||||
| (b) amortized premiums, discounts and capitalized expenses related to indebtedness | 381 | — | 518 | — | — | |||||||||||||||
| (c) an estimate of the interest within rental expense | — | — | — | — | — | |||||||||||||||
| (d) preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Total | $ | 11,886 | — | 14,185 | — | — | ||||||||||||||
Earnings to fixed charges | (A | ) | N/A | (A | ) | N/A | N/A | |||||||||||||
(A) Additional pre-tax income from continuing operations before adjustment for income or loss from equity investees necessary to generate a ratio of earnings to fixed charges of 1.00 | $3,393 | — | $17,078 | — | — | |||||||||||||||