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

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

($ in thousands)

 

     Six Months
Ended
    Year Ended December 31,  
     June 30, 2010     2009     2008     2007     2006     2005  

Pre-tax loss from continuing operations

   $ (9,693   $ (10,947   $ (41,389   $ (69,549   $ (28,983   $ (45)   

Add:

            

Fixed Charges

     27,906        51,392        58,149        65,901        61,997        49,418   

Amortization of capitalized interest

     203        320        438        411        282        399   

Interest capitalized

     —          —          18        (252     (305     (1,993
                                                

Total adjusted earnings (loss) available for payment of fixed charges

   $ 18,416      $ 40,765      $ 17,216      $ (3,489   $ 32,991      $ 47,779   
                                                

Fixed Charges:

            

Interest expense

   $ 18,703      $ 33,159      $ 40,972      $ 48,593      $ 47,510      $ 35,284   

Portion of rental expense representing interest

     9,203        18,233        17,177        17,308        14,487        14,134   
                                                

Total fixed charges

   $ 27,906      $ 51,392      $ 58,149      $ 65,901      $ 61,997      $ 49,418   
                                                

Ratio of earnings to fixed charges (1)

     0.66     0.79     0.30     (0.05 )x      0.53     0.97

 

(1) Our earnings were inadequate to cover fixed charges by $9.5 million, $10.6 million, $40.9 million, $69.4 million, $29.0 million and $1.6 million for the six months ended June 30, 2010 and the years ended December 31, 2009, 2008, 2007, 2006 and 2005, respectively.