EX-12.1 5 a2218097zex-12_1.htm EX-12.1

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERENCE DIVIDENDS (in thousands)

 

 

 

Successor

 

 

Predecessor

 

 

 

Nine Months
Ended
September 30,

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings before income taxes

 

6,810

 

4,699

 

224

 

 

10,634

 

21,418

 

21,030

 

Total earnings

 

6,810

 

4,699

 

224

 

 

10,634

 

21,418

 

21,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

8,963

 

15,905

 

12,970

 

 

12,279

 

10,043

 

14,003

 

Portion of rentals representing an interest factor

 

384

 

390

 

261

 

 

226

 

187

 

160

 

Total fixed charges

 

9,347

 

16,295

 

13,231

 

 

12,505

 

10,230

 

14,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

16,157

 

20,994

 

13,455

 

 

23,139

 

31,648

 

35,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.73

 

1.29

 

1.02

 

 

1.85

 

3.09

 

2.48

 

 

For purposes of calculating the ratio of consolidated earnings to fixed charges:

 

·                  “earnings” is the aggregate of the following items: pre-tax income from continuing operations before adjustment for income or loss from equity investees; plus fixed charges; plus amortization of capitalized interest; and less capitalized interest; and

 

·                  “fixed charges” means the sum of the following: interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of the interest within rental expense. Fixed charges are not reduced by any allowance for funds used during construction.

 

·                  For each period, the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preference dividends is the same, because we had no preference equity securities outstanding during any of the periods.