EX-12.1 3 a56570exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
     The following table presents our historical ratios of earnings to combined fixed charges and preferred stock dividends for the periods indicated.
     The ratios are based solely on historical financial information and no pro forma adjustments have been made.
 
      Three months                                
      ended March 31,   Year ended December 31,  
      2010   2009     2008     2007     2006     2005  
Fixed Charges
                                            
Interest and related amortization of borrowing costs
       2,319     15,446       14,207       10,818       6,765       1,969  
Estimate of the interest portion of rental expense
       1,731     7,165       6,965       1,374       970       510  
Preferred stock dividends
       2,897     1,770       —       —       —       —  
 
                                    
Fixed Charges
       6,947     24,381       21,172       12,192       7,735       2,479  
Earnings
                                                
(Loss) income from continuing operations before taxes
       (23,906 )   (84,160 )     (319,495 )     38,494       13,571       13,679  
Less: Equity in (losses) earnings of unconsolidated entities
       (214 )   (1,148 )     (13,311 )     2,029       1,948       292  
Plus: Distributions from unconsolidated entities
       —     185       50       75       —       —  
Non-controlling interest in subsidiaries with earnings and no fixed charges
       (98 )   (129 )     (629 )     (839 )     (308 )     —  
Plus: Fixed charges
       6,947     24,381       21,172       12,192       7,735       2,479  
Less: Preferred stock dividends
    2,897     1,770       —     —       —       —  
 
                                    
Earnings (1)
       (19,740 )   (60,345 )     (285,591 )     47,893       19,050       15,866  
Ratio of earnings to combined fixed charges and preferred stock dividends
     —     —       —       3.9       2.5       6.4  
 
                                    
The amount of coverage deficiency
   26,687   84,726       306,763       —       —       —  
 
(1)   For purposes of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, earnings include net income before taxes, less non-controlling interest in subsidiaries with earnings and no fixed charges, less equity in earnings of 50% or less owned subsidiaries, plus distributions from 50% or less owned subsidiaries, plus total fixed charges, less preferred stock dividends. Fixed charges represent interest, borrowing costs, estimates of interest within rental expenses and preferred stock dividends.