EX-12 14 exhibit121ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 121 Ratio of earnings to fixed charges


Exhibit 12.1
Ratio of Earnings to Fixed Charges

For the purpose of calculating the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes, plus fixed charges, excluding capitalized interest, plus amortization of capitalized interest. Fixed charges are defined as interest expensed and capitalized, plus amortization of premiums, discounts and capitalized expenses related to indebtedness, plus an estimate of the interest within rental expense.
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
Years Ended December 31,
 
 
 
2006
 
2007
 
2008
 
2009
 
2010
 
2011
Income before income taxes and discontinued operations
 
$
57,847

 
$
20,397

 
$
19,584

 
$
10,938

 
$
26,882

 
$
6,934

Addback fixed charges
 
9,203

 
23,831

 
49,775

 
49,162

 
52,250

 
27,352

Total earnings
 
$
67,050

 
$
44,228

 
$
69,359

 
$
60,100

 
$
79,132

 
$
34,286

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
7,202

 
$
20,006

 
$
43,415

 
$
44,958

 
$
48,037

 
$
25,386

Rent expense equivalent to interest expense
 
1,495

 
1,631

 
1,883

 
2,200

 
2,209

 
1,105

Amortization of deferred financing costs
 
506

 
2,194

 
4,477

 
2,004

 
2,004

 
861

Total fixed charges
 
$
9,203

 
$
23,831

 
$
49,775

 
$
49,162

 
$
52,250

 
$
27,352

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of historical earnings to fixed charges
 
7.29x

 
1.86x

 
1.39x

 
1.22x

 
1.51x

 
1.25x