EX-12.1 7 d451888dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2012, 2011, 2010, 2009 and 2008. As the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends indicate less than one-to-one coverage for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, we have provided the coverage deficiency amounts for those periods. Earnings are the sum of (i) loss from continuing operations before losses from equity affiliates, and (ii) fixed charges, less (i) interest capitalized. Fixed charges are the sum of (i) interest expensed and capitalized, (ii) amortization of capitalized expenses related to indebtedness, and (iii) estimate of interest within rental expense.

 

     Year Ended December 31,  
     2012     2011     2010     2009     2008  

Loss from continuing operations before income taxes*

   $ (15,675   $ (16,839   $ (16,817   $ (24,071   $ (29,118

Plus: Fixed charges

     670        1,110        865        179        255   

Less: Interest capitalized

     624        1,039        1,475        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings, as adjusted

   $ (15,629   $ (16,768   $ (17,427   $ (23,892   $ (28,863
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

     670        1,110        865        179        255   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 670      $ 1,110      $ 865      $ 179      $ 255   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividends

     —          —          —          —          —     

Ratio of earnings to fixed charges

     —          —          —          —          —     

Ratio of earnings to combined fixed charges and prefererred stock dividends

     —          —          —          —          —     

Deficiency of earnings available to cover fixed charges

     (14,959     (15,658     (16,562     (23,713     (28,608
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Deficiency of earnings available to cover fixed charges and preferred stock dividends

   $ (14,959   $ (15,658   $ (16,562   $ (23,713   $ (28,608
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* Excluding losses from minority interest and income/loss from equity investees.