Kleimar F-4/A Registration of securities (foreign) (amended)

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,						Year Ended December 31,
	2012			2011			2011			2010			2009			2008			2007
Earnings:
(a) pre-tax (loss)/income from continuing operations before adjustment for income or loss from equity investees		(1,267	)		(594	)		6,030			105,098			40,177			46,706			273,523
(b) fixed charges		72,717			80,950			152,074			170,047			145,103			353,355			185,719
(c) amortization of capitalized interest		448			429			874			623			832			21			—
(d) distributed income of equity investees		16,138			13,613			30,143			22,197			18,944			13,250			678
Less:
(a) Interest capitalized		(1,176	)		(3,242	)		(4,303	)		(11,295	)		(11,854	)		(4,070	)		(54	)
(b) preference security dividend requirements of consolidated subsidiaries		—			(27	)		(27	)		—			—			—			—
Total		86,860			91,129			184,791			286,670			193,202			409,262			459,866

	Six Months Ended June 30,				Year Ended December 31,
	2012		2011		2011		2010		2009		2008		2007
Fixed charges:
(a) Interest expensed and capitalized		50,143		56,820		105,904		105,565		68,790		51,121		49,287
(b) amortization of debt expense and discount or premium and capitalized expenses related to indebtedness		2,832		3,226		5,580		11,752		6,682		2,077		1,856
(c) an estimate of the interest within rental expense		19,742		20,877		40,563		52,730		69,631		300,157		134,576
(d) preference security dividend requirements of consolidated subsidiaries		—		27		27		—		—		—		—
Total		72,717		80,950		152,074		170,047		145,103		353,355		185,719
Earnings to fixed charges		1.19		1.13		1.22		1.69		1.33		1.16		2.48