EX-12.1 6 d446404dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

     Year Ended  
     December 31
2008
     December 31
2009
    December 31
2010
    December 31
2011
     December 31, 2012  
               (actual)      (pro forma) (A)  

Earnings

               

Pre-tax income

     69,397         (18,121     (40,380     12,141         44,448         36,902   

Fixed charges

     42,193         35,756        33,284        32,988         39,818         47,364   

Capitalized interest amortization

     —           —          88        88         88         88   

Less:

               

Interest capitalized

     —           442        176        128         196         196   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total earnings

     111,590         17,193        (7,184     45,089         84,158         84,158   
Fixed Charges                

Interest expense

     38,255         31,339        29,076        28,727         35,541         43,087   

Interest capitalized

     —           442        176        128         196         196   

Portion of rent estimated to represent the interest factor

     3,938         3,975        4,032        4,133         4,081         4,081   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

Total fixed charges

     42,193         35,756        33,284        32,988         39,818         47,364   

Ratio (B)

     2.64         —          —          1.37         2.11         1.78   

 

(A) The pro forma ratio of earnings to fixed charges was calculated as if the issuance of the $100 aggregate principal amount of the add-on notes had closed on January 1, 2012. This would have resulted in additional interest expense of $7.5 million in 2012 on a pro forma basis.

 

(B) Due to the registrant’s loss, the ratio coverage was less than 1:1 in 2009 and 2010. To achieve a coverage ratio of 1:1, the registrant would need additional pre-tax earnings of $17,679 and $40,116 in 2009 and 2010, respectively.