EX-12.1 3 a2216716zex-12_1.htm EX-12.1
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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

        The following table contains our ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference herein. All dollar amounts are reported in thousands.

 
  Six
months
ended
June 30,
2013
   
   
   
   
   
 
 
  Year ended December 31,  
 
  2012   2011   2010   2009   2008  

Earnings:

                                     

Income (loss) before income taxes

    (23,051 )   (6,571 )   (12,030 )   (8,314 )   (8,684 )   2,487  

Add:

                                     

Fixed charges

    3,970     4,570     4,508     5,406     4,183     5,747  

Amortization of capitalized interest

                         

Subtract:

                                     

Interest capitalized

    49                      

Minority interest in income of subsidiaries that have not incurred fixed charges

    343     256                  
                           

Earnings

    (19,473 )   (2,257 )   (7,522 )   (2,908 )   (4,501 )   8,234  

Fixed charges:

                                     

Interest expense

    3,356     3,854     3,388     4,926     3,963     5,747  

Amortization of capitalized expenses related to indebtedness

    614     716     1,120     480     220      
                           

Fixed charges

    3,970     4,570     4,508     5,406     4,183     5,747  

Ratio of earnings to fixed charges(1)(2)

   
(4.9

)
 
(0.5

)
 
(1.7

)
 
(0.5

)
 
(1.1

)
 
(1.4

)
                           

Deficiency

    23,443     6,827     12,030     8,314     8,684      
                           

(1)
For purposes of determining the ratios of earnings to fixed charges, earnings are defined as net income from continuing operations before income taxes plus fixed charges, less capitalized interest and minority interest in income of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest, whether expensed or capitalized, and amortization of capitalized expenses related to indebtedness.

(2)
The deficiency for the six months ended June 30, 2013 was $23.4 million. Deficiencies for the years ended December 31, 2012, 2011, 2010 and 2009 were $6.9 million, $12.0 million, $8.3 million and $8.7 million, respectively.



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RATIO OF EARNINGS TO FIXED CHARGES