EX-12.1 10 d529167dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     Three  Months
Ended
 
    
     2008     2009     2010     2011     2012     31-Mar-13  
     ($ in thousands)  

Net Income (loss)

     (280     51,997        70,682        88,138        59,353        18,589   

Add: Income taxes

     1,090        730        404        1,221        1,194        342   

Add: Fixed charges

     102,772        115,946        103,779        79,114        79,020        19,744   

Less: Interest capitalized

     (83     (105     (186     (357     (145     (35
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

     103,499        168,568        174,679        168,116        139,422        38,641   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     97,082        110,666        98,102        73,050        73,092        18,146   

Interest component of rent expense-estimated

     5,607        5,175        5,491        5,707        5,783        1,564   

Interest capitalized

     83        105        186        357        145        35   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     102,772        115,946        103,779        79,114        79,020        19,744   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (1)

     1.0.x        1.5.x        1.7.x        2.1.x        1.8.x        2.0.x   

 

(1) 

The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this calculation, earnings represents net income plus income taxes, fixed charges, less interest capitalized. Fixed charges represents the sum of interest expense (which includes amortization of premiums, discounts and capitalized expenses related to indebtedness), and the component of rental expense that we believe to be representative of the interest factor for those amounts (one-third of rental expense).