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

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

 

Ratio of Earnings to Fixed Charges

   Year Ended December 31,  
     2008    2007     2006     2005     2004  

Fixed Charges :

           

Interest expense, capitalized leases and amortization of debt discount and expense

   $ 17,721    $ 16,135     $ 14,453     $ 19,463     $ 19,723  
           

Estimate of interest within rental expense

     19,207      16,033       16,733       15,834       13,122  
                                       

Total Fixed Charges

   $ 36,928    $ 32,168     $ 31,186     $ 35,297     $ 32,845  
                                       

Earnings :

           

Consolidated net income

   $ 65,788    $ (7,328 )   $ (50,348 )   $ (14,616 )   $ (49,437 )

Addback:

           

Minority interest

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

Loss from discontinued operations

     814      13,611       90,398       35,947       37,933  

Consolidated provision for income taxes

     870      —         —         —         —    

Fixed charges less interest capitalized

     36,928      32,168       31,186       35,297       32,845  
                                       

Subtotal Earnings

   $ 104,400    $ 40,910     $ 73,530     $ 58,342     $ 21,674  

Less : Undistributed earning of less-than-50% owned affiliates

     —        119       5,772       285       —    
                                       

Total Earnings

   $ 104,400    $ 40,791     $ 67,758     $ 58,057     $ 21,674  
                                       

Ratio of Earnings to Fixed Charges

     2.8x      1.3x       2.2x       1.6x       —  (1)  
                                       

 

(1) For the year ended December 31, 2004 we had an earnings-to-fixed charges coverage deficiency of approximately $11.2 million.