EX-12 4 c75133_ex12.htm

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table shows our unaudited ratio of earnings to fixed charges and preferred stock dividends for each of the preceding five fiscal years. We did not have any preferred stock outstanding during any of the periods covered by the below table. Accordingly, the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred stock dividends are the same for all periods.

		Six months ended June 30,				For the years ended December 31,
		2013				2012				2011				2010				2009				2008
		(in thousands of U.S. dollars)
Earnings
Net Income			55,291				81,129				87,592				81,224				116,929				99,779
Plus: Fixed charges			35,482				72,519				70,745				67,636				82,820				64,678
Less: Interest capitalized			(5,863	)			(8,476	)			(5,525	)			(1,616	)			(466	)			0
Total Earnings			84,910				145,172				152,812				147,244				199,283				164,457
Fixed Charges
Interest expenses and capitalized			34,871				71,362				67,998				65,809				82,074				63,714
Amortization and write-off of cap expenses relating to indebtedness			611				1,157				2,747				1,827				746				964
Total Fixed Charges			35,482				72,519				70,745				67,636				82,820				64,678
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends(1)			2.39				2.00				2.16				2.18				2.41				2.54

(1) For purposes of calculating the ratio of earnings to fixed charges and preferred stock dividends:

· “earnings” consist of pre-tax income from continuing operations prepared under U.S. GAAP (which include non-cash unrealized gains and losses on derivative financial instruments) plus fixed charges and amortization of capitalized interest, net of capitalized interest and capitalized amortization of deferred financing fees;

· “fixed charges” represent interest incurred (whether expensed or capitalized), amortization of deferred financing costs (whether expensed or capitalized) and accretion of discount; and

· “preferred stock dividends” refer to the amount of pre-tax earnings that is required to pay the cash dividends on outstanding preferred stock and is computed as the amount of (a) the dividend divided by (b) the result of 1 minus the effective income tax rate.