EX-12.1 2 d433973dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

     Year-Ended December 31,  

(unaudited)

    2012     2011     2010     2009     2008  

Earnings:

           

Income from continuing operations before income taxes

    $ 31,781      $ 78,951      $ (68,356 )    $ (341,067 )    $ 123,372   

Fixed charges

      68,594        59,608        50,725        37,403        33,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

    $ 100,375      $ 138,559      $ (17,631 )    $ (303,664 )    $ 156,897   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Rental expense

    $ 6,156      $ 5,722      $ 4,254      $ 4,454      $ 6,759   

Interest expense

      62,438        53,886        46,471        32,949        26,766   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

    $ 68,594      $ 59,608      $ 50,725      $ 37,403      $ 33,525   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.5 x      2.3 x      (a )      (a )      4.7 x 

 

(a)

Earnings were inadequate to cover fixed charges for the years ended December 31, 2010 and December 31, 2009 by $33.1 million and $266.3 million, respectively.