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)

 
 
Three Months
Ended
 
 
Year Ended December 31,
 
 
 
March 31, 2013
 
 
2012
 
 
2011
 
 
2010
 
 
2009
 
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax (loss) income from continuing operations adjusted to exclude income or loss from equity investees
 
$
(447
)
 
$
30,788
 
 
$
16,753
 
 
$
27,087
 
 
$
140,981
  
 
$
(303,203
)
Distributed income of equity investees
 
 
—
 
 
 
384
 
 
 
266
 
 
 
222
 
 
 
326
 
 
 
7,355
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense and amortization of debt discount and premium on all indebtedness
 
 
1,604
 
 
 
4,965
 
 
 
2,508
 
 
 
1,155
 
 
 
3,645
 
 
 
72,751
 
Rentals
 
 
20
 
 
 
88
 
 
 
58
 
 
 
54
 
 
 
77
 
 
 
251
 
Total fixed charges
 
$
1,624
 
 
$
5,053
 
 
$
2,566
 
 
$
1,209
 
 
$
3,722
 
 
$
73,002
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
$
1,177
 
 
$
36,225
 
 
$
19,585
 
 
$
28,518
 
 
$
145,029
  
 
$
(222,846
)
Ratio of earnings to fixed charges
 
 
0.7
 
 
 
7.2
 
 
 
7.6
 
 
23.6
 
 
39.0
 
 
(A)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
Due to the Company's loss in 2008, the ratio coverage in this year was less than 1:1. The Company would have had to generate additional earnings of $295,848 to achieve coverage of 1:1 in this year.