EX-12 5 c68204_ex12.htm

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our unaudited ratio of earnings to fixed charges for each of the preceding four fiscal years.(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Nine
months
ended
September
30,

  

For the years ended December 31,
 

2011

  

2010

  

2009

  

2008

  

2007

  

2006

 

  

(in thousands of U.S. dollars)

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

 

61,510

  

 

 

$

 

81,224

  

 

 

$

 

116,929

  

 

 

$

 

99,779

  

 

 

$

 

115,423

  

 

 

$

 

123,406

  

Plus: Fixed charges

 

 

$

 

51,723

  

 

 

$

 

67,636

  

 

 

$

 

82,820

  

 

 

$

 

64,678

  

 

 

$

 

62,383

  

 

 

$

 

53,854

  

Less: Interest capitalized

 

 

$

 

(3,885

)

 

 

 

$

 

(1,616

)

 

 

 

$

 

(466

)

 

 

 

$

 

0

  

 

 

$

 

0

  

 

 

$

 

0

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings

 

 

$

 

109,348

  

 

 

$

 

147,244

  

 

 

$

 

199,283

  

 

 

$

 

164,457

  

 

 

$

 

177,806

  

 

 

$

 

177,260

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

 

$

 

49,697

  

 

 

$

 

65,809

  

 

 

$

 

82,074

  

 

 

$

 

63,714

  

 

 

$

 

62,193

  

 

 

$

 

53,713

  

Amortization and write-off of capitalized expenses relating to indebtedness

 

 

$

 

2,026

  

 

 

$

 

1,827

  

 

 

$

 

746

  

 

 

$

 

964

  

 

 

$

 

190

  

 

 

$

 

141

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

 

$

 

51,723

  

 

 

$

 

67,636

  

 

 

$

 

82,820

  

 

 

$

 

64,678

  

 

 

$

 

62,383

  

 

 

$

 

53,854

  

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges(2)

 

 

  

2.11

  

 

 

  

2.18

  

 

 

  

2.41

  

 

 

  

2.54

  

 

 

  

2.85

  

 

 

  

3.29

  

 

(1)

 

 

  

We have not issued any preferred stock as of the date of this prospectus. Accordingly, the ratio of earnings to combined fixed charges and preference dividends is equivalent to the ratio of earnings to fixed charges.

 

(2)

  

 

  

For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of net income plus fixed charges less interest capitalized. Fixed charges consist of interest expensed and capitalized, amortization and write-off of capitalized expenses relating to indebtedness.