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BALTIC TRADING LIMITED
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CALCULATION OF RATIO OF EARNINGS
TO FIXED CHARGES
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(Amounts in thousands of dollars, except ratios)
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Three Months
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Ended
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Year Ended December 31,
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March 31,
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2012
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2011
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2010
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Earnings:
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Net income (Loss)
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$ | (4,456,000 | ) | $ | (431,112 | ) | $ | 8,322,435 | ||||
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Adjustments:
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Fixed charges
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1,075,330 | 4,421,915 | 2,195,860 | |||||||||
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Plus amortization of capitalized interest
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410 | 1,644 | 365 | |||||||||
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Less capitalized interest
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- | - | (41,117 | ) | ||||||||
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Earnings
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$ | (3,380,260 | ) | $ | 3,992,446 | $ | 10,477,542 | |||||
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Fixed Charges:
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Interest expensed and capitalized interest
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$ | 959,213 | $ | 3,954,897 | $ | 1,925,884 | ||||||
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Amortization of deferred financing costs
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116,117 | 467,018 | 269,976 | |||||||||
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Interest component of rent expense
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- | - | - | |||||||||
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Total fixed charges
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$ | 1,075,330 | $ | 4,421,915 | $ | 2,195,860 | ||||||
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Ratio of earnings to fixed charges
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(3.14 | ) | 0.90 | 4.77 | ||||||||