Exhibit 12.1
Statement Regarding Computation of Ratios
Teekay Shipping Corporation
Computation of Ratio of Earnings to Fixed Charges
(In Thousands Except Ratios)
Nine Months Ended September 30,
---------------------------------------- Pro Forma
Pro Forma Dec. 31,
2001 2001 2000 2000
(unaudited) (unaudited) (unaudited) (unaudited)
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Fixed Charges:
Interest expense and amortization of deferred
financing costs 57,808 50,944 57,287 106,500
Capitalized interest 1,547 1,062 -- 474
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Total Fixed Charges (A) 59,355 52,006 57,287 106,974
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Earnings:
Net income (loss) 305,317 305,321 147,538 265,554
Add (deduct):
Extraordinary items -- -- -- --
Income taxes 7,328 6,813 1,500 6,016
Minority interest expense 4,211 3,125 1,104 3,546
Equity income (16,867) (16,292) (5,294) (11,786)
Interest expense and amortization of deferred
financing costs 57,808 50,944 57,287 106,500
Amortization of capitalized interest 1,024 982 748 893
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Total Earnings Available To Cover Fixed Charges (B) 358,821 350,893 202,883 370,723
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Ratio of Earnings to Fixed Charges (B/A) 6.1x 6.8x 3.6x 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 2.1x 2.3x 1.7x
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