EX-12.1 8 d314113dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS Statement regarding computation of ratio of earnings

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Years Ended December 31,  
     2011     2010     2009     2008     2007  
     (In thousands, except ratios)  

Earnings:

          

Earnings (loss) from continuing operations before income taxes

   $ 32,057      $ 10,100      $ (71,910   $ (251,821   $ 22,172   

Add: Fixed charges

     14,322        21,175        29,462        12,170        1,745   

Subtract: income from equity method investment

     (1,171     (857     (515     (214     (156

Subtract: income attributable to noncontrolling interest

     (28     (48     (61     (60     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings (losses)

   $ 45,180      $ 30,370      $ (43,024   $ (239,925   $ 23,761   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

          

Interest expense (a)

   $ 13,062      $ 19,908      $ 27,751      $ 10,387      $ 128   

Interest portion of rent expense

     1,260        1,267        1,711        1,783        1,617   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 14,322      $ 21,175      $ 29,462      $ 12,170      $ 1,745   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges (b)

     3.2x        1.4x        —          —          13.6x   

The Ratio of Earnings to Fixed Charges calculation differs from the Minimum Consolidated Fixed Charge Coverage Ratio as defined in the Company’s Senior Credit Facility Credit Agreement.

 

(a) Interest expense includes interest on outstanding debt obligations, amortization of debt discounts attributable to warrants, amortization of deferred financing fees, and losses on extinguishment of debt attributable to the write-offs of unamortized deferred financing fees at the time of extinguishment.
(b) Earnings were insufficient to cover Fixed Charges by $43.0 million in 2009 and $239.9 million in 2008.