EX-12 2 a12-28622_1ex12.htm EX-12

Exhibit 12

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratios)

 

 

 

Year Ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

(1,257

)

$

82

 

$

31,803

 

$

23,270

 

$

82,977

 

Less/add: Equity in net earnings (loss) of unconsolidated businesses

 

8,569

 

10,466

 

3,974

 

1,574

 

(209

)

Add: Fixed charges

 

31,373

 

30,843

 

15,662

 

14,911

 

21,112

 

Add: Distributed income of unconsolidated businesses

 

11,294

 

11,590

 

4,427

 

2,826

 

905

 

Total earnings before income taxes and fixed charges

 

$

32,841

 

$

32,049

 

$

47,918

 

$

39,433

 

$

105,203

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest on borrowings

 

$

26,885

 

$

25,759

 

$

11,063

 

$

10,540

 

$

14,334

 

Interest component of rent expense (1)

 

4,488

 

5,084

 

4,599

 

4,371

 

6,778

 

Total fixed charges

 

$

31,373

 

$

30,843

 

$

15,662

 

$

14,911

 

$

21,112

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.0x

 

1.0x

 

3.1x

 

2.6x

 

5.0x

 

 

(1)           Amount represents those portions of rent expense that are reasonable approximations of interest costs.