EX-12.1 3 ex12-1.htm EXHIBIT 12.1 ex12-1.htm
Exhibit 12.1
 
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
 
   
For the Years Ended December 31,
  
   
2012
    
2011
    
2010
    
2009
    
2008
  
Earnings:
                              
Pretax income (loss) from continuing operations
   $ 29,100     $ 5,243     $ 5,670     $ 10,884     $ (25,764 )
Fixed charges
     105,926       4,837       9,611       14,235       36,260  
Dividends distributed to shareholders
     22,304       8,270       8,102       7,108       4,100  
Equity investee adjustment
     (38 )     (174 )     (64 )     -       -  
Noncontrolling interest
     97       (97 )     -       -       -  
Total Earnings
   $ 157,389     $ 18,079     $ 23,319     $ 32,227     $ 14,596  
                                         
Fixed Charges:
                                        
Interest expense
   $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  
Total Fixed Charges
   $ 105,926     $ 4,837     $ 9,611     $ 14,235     $ 36,260  
                                         
Ratio of earnings to fixed charges
     1.49       3.74       2.43       2.26       0.40  
                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.49       3.74       2.43       2.26       0.40  
                                         
Deficiency related to ratio of earnings to fixed charges
  
NA
    
NA
    
NA
    
NA
     $ (21,664 )
Deficiency related to ratio of earnings to combined fixed charges and preferred stock dividends
  
NA
    
NA
    
NA
    
NA
     $ (21,664 )