Exhibit 12.1

StealthGas Inc.

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth our unaudited ratio of earnings to fixed charges for each of the periods noted below. ⁽¹⁾

(Expressed in United States Dollars, except ratios)

	Three Months Ended March 31, 2013						Years Ended December 31,
				2012			2011			2010			2009			2008
Earnings
Net income/(loss)		6,458,657			28,958,487			8,549,791			11,093,191			(13,311,885	)		29,987,484
Add: Fixed charges		2,112,143			9,487,508			8,294,878			7,960,745			8,244,639			10,082,119
Total Earnings		8,570,800			38,445,995			16,844,669			19,053,936			(5,067,246	)		40,069,603
Less:
Interest capitalized		(107,065	)		(281,485	)		(557,565	)		(556,314	)		(600,320	)		(389,595	)
		8,463,735			38,164,510			16,287,104			18,497,622			(5,667,566	)		39,680,008
Fixed Charges
Interest expensed & capitalized		1,997,023			9,035,248			7,864,282			7,418,572			8,010,850			9,944,394
Amortization and write off capitalized expenses relating to indebtedness		108,840			412,138			395,446			508,686			202,770			104,986
Interest portion of rental expenses		6,280			40,122			35,150			33,487			31,019			32,739
		2,112,143			9,487,508			8,294,878			7,960,745			8,244,639			10,082,119
Ratio Of Earnings To Fixed Charges		4.01			4.02			1.96			2.32			—			3.94
Dollar Amount of Deficiency in Earnings to Fixed Charges		n/a			n/a			n/a			n/a			13,912,205			n/a

(1) We have not issued any preferred stock as of the date of this prospectus.