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EXHIBIT 12.1
Statement Regarding Computation of Ratios
Teekay Shipping Corporation
Computation of Ratio of Earnings to Fixed Charges
(In Thousands Except Ratios)
Three Months Ended March 31,
--------------------------------------- Pro Forma
Pro Forma Dec. 31,
2001 2001 2000 2000
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(unaudited) (unaudited) (unaudited) (unaudited)
Fixed Charges:
Interest expense and amortization of
deferred financing costs 21,343 14,786 19,989 106,500
Capitalized interest 487 -- -- 474
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Total Fixed Charges (A) 21,830 14,786 19,989 106,974
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Earnings:
Net income (loss) 145,097 144,688 19,940 265,554
Add (deduct):
Extraordinary items -- -- -- --
Income taxes 1,186 671 500 6,016
Minority interest expense 2,481 1,396 199 3,546
Equity income (3,368) (2,793) (819) (11,786)
Interest expense and amortization of
deferred financing costs 21,343 14,786 19,989 106,500
Amortization of capitalized interest 298 260 248 893
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Total Earnings Available To Cover
Fixed Charges (B) 167,037 159,008 40,057 370,723
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Ratio of Earnings to Fixed Charges (B/A) 7.6x 10.8x 2.0x 3.5x
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Fiscal Years Ended
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Dec. 31, Dec. 31, Mar. 31, Mar. 31, Mar. 31,
2000 1999 1999 1998 1997
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Fixed Charges:
Interest expense and amortization of
deferred financing costs 74,540 44,996 44,797 56,269 60,810
Capitalized interest -- 1,710 3,018 283 232
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Total Fixed Charges (A) 74,540 46,706 47,815 56,552 61,042
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Earnings:
Net income (loss) 270,020 (19,595) 45,406 70,504 42,630
Add (deduct):
Extraordinary items -- -- 7,306 -- --
Income taxes 999 1,500 1,900 -- --
Minority interest expense 1,874 -- -- -- --
Equity income (9,546) (721) -- -- --
Interest expense and amortization of
deferred financing costs 74,540 44,996 44,797 56,269 60,810
Amortization of capitalized interest 999 668 1,146 1,135 1,119
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Total Earnings Available To Cover
Fixed Charges (B) 338,886 26,848 100,555 127,908 104,559
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Ratio of Earnings to Fixed Charges (B/A) 4.6x 0.6x (A) 2.1x 2.3x 1.7x
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