Exhibit 12.1
Seaspan Corporation
Computation of Ratio of Earnings to Fixed Charges
Expressed in thousands of United States dollars
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
(a) Pre-tax income from continuing operations before adjustment for income or loss from equity investees | 66,500 | 169,402 | (139,227 | ) | 194,284 | 130,991 | 299,698 | |||||||||||||||||
(b) Fixed charges | 48,453 | 158,479 | 153,389 | 130,901 | 115,264 | 81,487 | ||||||||||||||||||
(c) Amortization of capitalized interest | 1,496 | 5,797 | 5,714 | 5,826 | 5,670 | 5,385 | ||||||||||||||||||
(d) Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
(e) Share ofpre-tax losses of equity investees for which changes arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||
Less: |
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(a) Interest capitalized | 658 | 10,634 | 9,337 | 6,818 | 10,172 | 4,334 | ||||||||||||||||||
(b) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
(c) Noncontrolling interest inpre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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Total | 115,791 | 323,044 | 10,539 | 324,193 | 241,753 | 382,236 | ||||||||||||||||||
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Fixed charges |
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(a) Interest expensed and capitalized | 35,560 | 115,124 | 115,038 | 103,826 | 98,331 | 64,830 | ||||||||||||||||||
(b) Amortized premiums, discounts and capitalized expenses related to indebtedness | 4,079 | 11,899 | 15,858 | 16,833 | 13,621 | 13,515 | ||||||||||||||||||
(c) An estimate of interest within rental expense | 8,814 | 31,456 | 22,493 | 10,242 | 3,312 | 3,142 | ||||||||||||||||||
(d) Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
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Total | 48,453 | 158,479 | 153,389 | 130,901 | 115,264 | 81,487 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 2.4 | 2.0 | — | (1) | 2.5 | 2.1 | 4.7 | |||||||||||||||||
| (1) | Additional pre-tax income from continuing operations before adjustments for income or loss from equity investees of $142,850 would be necessary to generate a ratio of earnings to fixed charges of 1.0. |