EX-12.1 2 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(in thousands)

 

     For the year ended December 31,  
     2005    2006    2007     2008    2009  

Income/(loss) from continuing operations

    $ 12,219    $ 18,002    $ (9,642 )    $ 17,052    $ (143,285)   

Total fixed charges

      29,034      34,575      39,181        45,099      35,531   
   $ 41,253    $ 52,577    $ 29,539      $ 62,151    $ (107,754)   

Fixed charges

              

Operating lease expense

    $ 6,232    $ 10,860    $ 23,516      $ 28,658    $ 21,589   

Factored at one-third

    $ 2,077    $ 3,620    $ 7,839      $ 9,553    $ 7,196   

Preferred stock dividends

      -          -          -            -          -       

Interest expense

      26,957      30,955      31,342        35,546      28,335   

Total fixed charges

    $ 29,034    $ 34,575    $ 39,181      $ 45,099    $ 35,531   

Ratio of earnings to fixed charges

      1.4      1.5      -     (1)      1.4      -     (1) 

(Deficiency)/surplus in fixed charge coverage ratio

    $   12,219    $     18,002    $     (9,642 )    $     17,052    $     (143,285)   

 

(1) In 2009 and 2007 earnings were insufficient to cover fixed charges by approximately $143.3 million and $9.6 million, respectively.