Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table presents our ratios of earnings to fixed charges in accordance with U.S. GAAP for the periods indicated
| For the Year Ended December 31, | For the Six Months Ended (unaudited) | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (U.S. Dollars in thousands, except per share data) | (U.S. Dollars in thousands, except per share data) | ||||||||||||||||||||||
| 2006 |
2005 |
2004 |
2003 |
2002 |
June 30, 2007 |
June 30, 2006 | |||||||||||||||||
| Earnings (1) | $ | (1,028 | ) | $ | (8,517 | ) | $ | (33,467 | ) | $ | 14,333 | $ | (37,380 | ) | (6,974 | ) | 6,164 | ||||||
| Fixed Charges | 5,154 | 5,257 | 4,880 | 5,554 | 8,693 | 4,681 | 1,696 | ||||||||||||||||
| Earnings (insufficient earning to cover fixed charges) | $ | 4,126 | $ | (3,260 | ) | $ | (28,587 | ) | $ | 19,887 | $ | (28,687 | ) | $ | (2,293 | ) | $ | 7,860 | |||||
| Fixed charges: | |||||||||||||||||||||||
| Interest | 5,134 | 5,257 | 4,880 | 5,531 | 8,653 | 4,547 | 1,696 | ||||||||||||||||
| Amortization of | |||||||||||||||||||||||
| debentures expenses | 20 | -- | -- | 23 | 40 | 134 | -- | ||||||||||||||||
| Fixed charges | $ | 5,154 | $ | 5,257 | $ | 4,880 | $ | 5,554 | $ | 8,693 | $ | 4,681 | $ | 1,696 | |||||||||
| Ratio of earnings | |||||||||||||||||||||||
| (deficit) to fixed | |||||||||||||||||||||||
| charges (2) | 0.80:1 | (0.62:1 | ) | (5.86:1 | ) | 3.58:1 | (3.30:1 | ) | (0.49:1 | ) | 4.63:1 | ||||||||||||
| (1) | "Earnings" consist of consolidated income (loss) from continuing operations (including dividends from less than 50% owned affiliates) before income taxes, equity in earnings of affiliates, and minority interests. |
| (2) | The ratio of earnings to fixed charges represents the number of times "fixed charges" are covered by "earnings." |