EX-12.1 2 exhibit1212013.htm EXHIBIT Exhibit 12.1 2013


Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousand, Except Ratios)

The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For 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.

RATIO OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
(in thousands)
 
(Unaudited)
Earnings (Loss):
 
 
 
 
 
 
 
 
 
   Pre-Tax Income (Loss)
$
(32,917
)
 
$
(63,968
)
 
$
15,041

 
$
(23,898
)
 
$
663

   Fixed Charges
26,769

 
25,965

 
25,752

 
12,872

 
3,662

     Total Earnings (Loss)
(6,148
)
 
(38,003
)
 
40,793

 
(11,026
)
 
4,325

Fixed Charges:
   

 
   

 
   

 
   

 
   

   Interest Expense
20,898

 
21,385

 
21,334

 
12,671

 
2,917

   Deferred Financing Fees
5,870

 
4,580

 
4,418

 
201

 
745

     Total Fixed Charges
26,769

 
25,965

 
25,752

 
12,872

 
3,662

Ratio of Earnings (Loss) to Fixed Charges
 __(1)

 
 __(1)

 
1.58

 
 __(1)

 
1.18


(1)
For the year ended December 31, 2013, 2012 and 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 $32.9 million, $64.0 and $23.9 million for the year ended December 31, 2013, 2012 and 2010.