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
 
 
Year Ended December 31,
 
 
 
September 30,
2012
 
 
2011
 
 
2010
 
 
2009
 
 
2008
 
 
2007
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees
 
$
17,278
 
 
$
16,753
 
 
$
27,087
 
 
$
140,981
 
 
$
(303,203
)
 
$
(660,724
)
Distributed income of equity investees
 
 
125
 
 
 
266
 
 
 
222
 
 
 
326
 
 
 
7,355
 
 
 
1,933
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discount and premium on all indebtedness
 
 
3,182
 
 
 
2,508
 
 
 
1,155
 
 
 
3,645
 
 
 
72,751
 
 
 
472,100
 
Rentals
 
 
65
 
 
 
58
 
 
 
54
 
 
 
77
 
 
 
251
 
 
 
2,316
 
Total fixed charges
 
$
3,247
 
 
$
2,566
 
 
$
1,209
 
 
$
3,722
 
 
$
73,002
 
 
$
474,416
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
$
20,650
 
 
$
19,585
 
 
$
28,518
 
 
$
145,029
 
 
$
(222,846
)
 
$
(184,375
)
Ratio of earnings to fixed charges
 
 
6.4
 
 
 
7.6
 
 
 
23.6
 
 
39.0
 
 
(A)
 
 
(A)
 
 
(A)
Due to the Company's losses in 2008 and 2007, the ratio coverage in these years was less than 1:1. The Company would have had to generate additional earnings of $295,848 and $658,791, respectively, to achieve coverage of 1:1 in those years.