EX-12.1 3 a56572exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
     The following table presents our historical ratios of earnings to fixed charges 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,
(In thousands, except for ratios)   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  
 
                                               
Fixed Charges
    4,050     22,611       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
    4,050       22,611       21,172       12,192       7,735       2,479  
 
                                               
Earnings
    (19,740 )     (60,345 )     (285,591 )     47,893       19,050       15,866  
Ratio of earnings to fixed charges(1)
                      3.9       2.5       6.4  
 
                                               
The amount of coverage deficiency
    23,790       82,956       306,763                    
 
(1)   For purposes of calculating the ratio of earnings to fixed charges, 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. Fixed charges represent interest, borrowing costs and estimates of interest within rental expenses.