EX-12.01 2 ex12_01.htm EXHIBIT 12.01 ex12_01.htm
Exhibit 12.01
 
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)

   
Nine Months Ended
September 30,
   
Year Ended December 31,
  
   
2011
    
2010
    
2009
    
2008
    
2007
    
2006
  
                                     
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees
  
$
9,394
    
$
27,087
    
$
140,981
    
$
(303,203
)
  
$
(660,724
)
  
$
(74,863
)
Distributed income of equity investees
    
63
      
222
      
326
      
7,355
      
1,933
      
13,821
  
                                                 
Fixed charges:
                                                
Interest expense and amortization of debt discount and premium on all indebtedness
    
1,681
      
1,155
      
3,645
      
72,751
      
472,100
      
557,257
  
Rentals
    
43
      
54
      
77
      
251
      
2,316
      
3,071
  
Total fixed charges
  
$
1,724
    
$
1,209
    
$
3,722
    
$
73,002
    
$
474,416
    
$
560,328
  
                                                 
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees
  
$
11,181
    
$
28,518
    
$
145,029
    
$
(222,846
)
  
$
(184,375
)
  
$
499,286
  
Ratio of earnings to fixed charges
    
6.5
      
23.6
      
39.0
    
(A
 )  
(A
 )  
(A
 )
 
(A)  Due to the Company's losses in 2008, 2007 and 2006, the ratio coverage in these years was less than 1:1.  The Company would have had to generate additional earnings of $295,848, $658,791 and $61,042, respectively, to achieve coverage of 1:1 in those years.