EX-12.1 4 ex12-1.htm RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Exhibit 12.1

Ratio of Earnings to Combined Fixed
Charges and Preferred Dividends

 
Period
($000)
  
Year ended
Dec. 31, 2016
    
Year ended
Dec. 31, 2015
    
Year ended
Dec. 31, 2014
    
Year ended
Dec. 31, 2013
    
Year ended
Dec. 31, 2012
  
Earnings available for fixed charges
                              
Profit/(loss) before tax
  
$
9,354
    
$
105,430
    
$
12,973
    
$
(3,919
)
  
$
(93,892
)
Less share of profit from associated companies
    
(649
)
    
(467
)
    
(86
)
                
Less capitalized interest
    
(1,293
)
    
(2,271
)
    
(1,048
)
                
Plus dividend from associated companies
    
242
      
120
      
107
                  
Plus amortization of capitalized interest
    
116
      
3
                          
Plus fixed charges
    
36,363
      
35,908
      
15,334
      
4,784
      
7,330
  
Total Earnings available for fixed charges
  
$
44,133
    
$
138,723
    
$
27,280
    
$
865
    
$
-86,562
  
                                         
Fixed Charges:
                                        
Interest expense incl. amortization of debt issuance cost
  
$
35,070
      
33,637
      
14,286
      
4,784
      
7,330
  
Plus capitalized interest
    
1,293
      
2,271
      
1,048
                  
Total Fixed Charges
  
$
36,363
    
$
35,908
    
$
15,334
    
$
4,784
    
$
7,330
  
                                         
Ratio of Earnings to Fixed Charges
    
1.21
      
3.86
      
1.78
      
0.18
      
-11.81