EX-12 2 a2223553zex-12.htm EX-12
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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)

 
   Year Ended December 31,  
 
   2014   2013   2012   2011   2010  

Earnings:

                                

Income before provision for income taxes

   $ (136,816 ) $ (21,345 ) $ (1,257 ) $ 82   $ 31,803  

Add (deduct):

                                

Equity in net earnings of unconsolidated businesses

     (7,611 )   (8,166 )   (8,569 )   (10,466 )   (3,974 )

Fixed charges

     38,691     36,374     31,373     30,843     15,662  

Distributed income of unconsolidated businesses

     7,915     9,297     11,294     11,590     4,427  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings before income taxes and fixed charges

   $ (97,821 ) $ 16,160   $ 32,841   $ 32,049   $ 47,918  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest on borrowings

   $ 32,298   $ 30,297   $ 26,885   $ 25,759   $ 11,063  

Interest component of rent expense(1)

     6,393     6,077     4,488     5,084     4,599  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 38,691   $ 36,374   $ 31,373   $ 30,843   $ 15,662  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     (2.5)x(2)     0.4x(3 )   1.0x     1.0x     3.1x  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Amount represents those portions of rent expense that are reasonable approximations of interest costs.

(2)
Additional pre-tax income of $136,512 is required to achieve a ratio of 1:1 in 2014.

(3)
Additional pre-tax income of $20,214 is required to achieve a ratio of 1:1 in 2013.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)