EX-12.1 5 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,     Six Months
Ended June 30,
     2007     2006     2005     2004     2003     2008
     (In thousands)      

Fixed Charges:

             

Interest expense or capitalized

    $ 16,135     $ 14,453     $ 19,463     $ 19,723     $ 19,037     $ 8,006

Estimate of interest within rental expense

    $ 16,033     $ 16,733     $ 15,834     $ 13,122     $ 12,228     $ 8,265
                                              

FIXED CHARGES

    $ 32,168     $ 31,186     $ 35,297     $ 32,845     $ 31,265     $ 16,271

Earnings:

             

Income (loss) from continuing operations

    $ (7,328 )   $ (50,348 )   $ (14,616 )   $ (49,437 )   $ (52,299 )   $ 23,517

Add back:

             

Minority interest

    $ 2,459     $ 2,294     $ 1,714     $ 333     $ —       $ —  

Loss from discontinued operations

    $ 13,611     $ 90,398     $ 35,947     $ 37,933     $ 31,881     $ 240

Fixed charges

    $ 32,168     $ 31,186     $ 35,297     $ 32,845     $ 31,265     $ 16,271

Income taxes

    $ —       $ —       $ —       $ —       $ —       $ 440

Less:

             

Undistributed earnings of equity method investments

    $ 119     $ 5,772     $ 285     $ —       $ —       $ —  
                                              

EARNINGS

    $ 40,791     $ 67,758     $ 58,057     $ 21,674     $ 10,847     $ 40,468

Ratio of earnings to fixed charges

      1.3x       2.2x       1.6x       — (1)     — (1)     2.5x
                                  

 

(1)

For the years ended December 31, 2004 and 2003, we had an earnings-to-fixed charges coverage deficiency of approximately $11.2 million and $20.4 million, respectively.