EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands, Except Ratios)

The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For the purposes of computing the ratio of earnings (loss) to fixed charges, “earnings (loss)” is defined as pre-tax income (loss) plus fixed charges. “Fixed charges” consist of interest expense and amortization of deferred financing fees.

 

     Three Months
Ended
March 31,
2011
    Year Ended
December 31,
     Period from
Inception
(January 29,
2008)
through
December 31,
2008
 
       2010     2009     
    

(in thousands)

 
    

(Unaudited)

 

Earnings (Loss):

         

Pre-Tax Income (Loss)

   $ (24,119   $ (23,898   $ 663       $ 4,233   

Fixed Charges

     5,793        12,872        3,662         1,150   
                                 

Total Earnings (Loss)

     (18,326     (11,026     4,326         5,383   

Fixed Charges:

         

Interest Expense

     5,205        12,671        2,917         872   

Deferred Financing Fees

     588        201        745         278   
                                 

Total Fixed Charges

     5,793        12,872        3,662         1,150   

Ratio of Earnings (Loss) to Fixed Charges

     —   (1)      —   (1)      1.18         4.68   

 

(1) For the three months ended March 31, 2011 and for the year ended December 31, 2010, earnings were inadequate to cover fixed charges. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $24.1 million and $23.9 million for the three months ended March 31, 2011 and for the year ended December 31, 2010, respectively.