EX-12.1 3 a033113exhibit121.htm EXHIBIT 03.31.13 Exhibit 12.1
Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Years Ended December 31,
 
 
 
 
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
($ in thousands)
Fixed charges(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
18,163

 
$
79,407

 
$
150,010

 
$
232,096

 
$
427,312

 
$
677,707

 
Interest capitalized
 
 
 
—

 
—

 
—

 
—

 
—

 
Interest portion of rental expense
 
617

 
3,047

 
2,596

 
3,060

 
3,250

 
1,994

Total fixed charges
 
$
18,780

 
$
82,454

 
$
152,606

 
$
235,156

 
$
430,562

 
$
679,701

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) income from continuing operations before income taxes
 
$
50,990

 
$
205,529

 
$
(15,081
)
 
$
(161,324
)
 
$
(774,530
)
 
$
(458,714
)
 
Fixed charges
 
18,780

 
82,454

 
152,606

 
235,156

 
430,562

 
679,701

 
Less: Interest capitalized
 
—

 
—

 
—

 
—

 
—

 
—

Total earnings before fixed charges
 
$
69,770

 
$
287,983

 
$
137,525

 
$
73,832

 
$
(343,968
)
 
$
220,987

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(2)
 
3.7x
 
3.5x
 
0.9x
 
0.3x
 
-0.8x
 
0.3x
______________________
(1)
Excludes interest related to the application of accounting for uncertain tax positions in accordance with the Income Taxes Topic of the Accounting Standards Codification.
(2)
The earnings for the three months ended March 31, 2013 and year ended December 31, 2012 were sufficient to cover fixed charges. However, the earnings for the years ended December 31, 2011, 2010, 2009 and 2008 were inadequate to cover fixed charges. The coverage deficiencies for total fixed charges for the years ended December 31, 2011, 2010, 2009 and 2008 were $15.1 million, $161.3 million, $774.5 million and $458.7 million, respectively.