Attached files
| file | filename |
|---|---|
| S-1/A - S-1/A - TBS International plc | a2202832zs-1a.htm |
| EX-4.2 - EX-4.2 - TBS International plc | a2202832zex-4_2.htm |
| EX-5.2 - EX-5.2 - TBS International plc | a2202832zex-5_2.htm |
| EX-5.1 - EX-5.1 - TBS International plc | a2202832zex-5_1.htm |
| EX-23.1 - EX-23.1 - TBS International plc | a2202832zex-23_1.htm |
EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Fixed Charges
(in millions except ratios)
| |
Year Ended December 31, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||
Consolidated earnings: |
||||||||||||||||||||||||
Net income (loss) attributable to TBS International plc |
$ | (245.3 | ) | $ | (67.0 | ) | $ | 191.8 | $ | 98.2 | $ | 39.1 | $ | 55.7 | $ | 43.2 | ||||||||
Add: Income taxes |
0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Interest expense |
27.5 | 17.1 | 17.2 | 10.4 | 11.6 | 9.3 | 5.1 | |||||||||||||||||
Portion of rents representative of interest expense |
3.9 | 2.4 | 2.3 | 2.2 | 4.1 | 5.7 | 5.5 | |||||||||||||||||
Total |
$ | (213.9 | ) | $ | (47.5 | ) | $ | 211.3 | $ | 110.8 | $ | 54.8 | $ | 70.7 | $ | 53.8 | ||||||||
Fixed charges:(1) |
||||||||||||||||||||||||
Add: Interest expense |
$ | 27.5 | $ | 17.1 | $ | 17.2 | $ | 10.4 | $ | 11.6 | $ | 9.3 | $ | 5.1 | ||||||||||
Capitalized interest |
7.9 | 7.9 | 5.9 | 4.9 | — | — | — | |||||||||||||||||
Portion of rents representative of interest expense |
3.9 | 2.4 | 2.3 | 2.2 | 4.1 | 5.7 | 5.5 | |||||||||||||||||
Total |
$ | 39.3 | $ | 27.4 | $ | 25.4 | $ | 17.5 | $ | 15.7 | $ | 15 | $ | 10.6 | ||||||||||
Ratio of earnings to fixed charges |
* | * | 8.3 | 6.3 | 3.5 | 4.7 | 5.1 | |||||||||||||||||
- (1)
- Included
in fixed charges is one-third of rental expense which management believes is the representative portion of interest.
- *
- Due to our losses in 2010 and 2009, the ratio coverage was less than 1:1. Net loss for 2010 includes a non-cash impairment loss of $201.7 million. Excluding the impairment loss, with additional earnings of $51.5 million and $74.9 million for the years ended December 31, 2010 and 2009, respectively, we would have achieved a coverage ratio of 1:1.