EX-12.1 116 g08370exv12w1.htm EX-12.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Ex-12.1
 

Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
For the purpose of calculating the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes plus fixed charges. Fixed charges are defined as interest expensed, plus amortized premiums, discounts and capitalized expenses related to indebtedness, plus an estimate of the interest within rental expense.
                                                                         
    Three Months Ended March 31,     Year Ended December 31,  
    Historical     Pro Forma     Historical  
    2007     2006     2007     2006     2006     2005     2004     2003     2002  
                            (Dollars in thousands)                          
Earnings:
                                                                       
Income (loss) from continuing operations before income taxes
  $ 29,406     $ 19,997     $ 28,513     $ 116,990     $ 99,388     $ 43,623     $ 26,539     $ 8,190     $ 4,677  
Fixed charges
    15,545       10,045       23,798       94,202       43,728       29,919       21,183       15,775       5,782  
Total earnings
    44,951       30,042       52,311       211,192       143,116       73,542       47,722       23,965       10,459  
 
                                                                       
Fixed charges:
                                                                       
Interest expense, including amortized premuims, discounts and capitalized expenses related to indebtedness
    14,386       9,208       22,344       88,995       40,307       27,056       18,964       14,778       5,564  
Interest component of rental expense
    1,159       837       1,454       5,207       3,421       2,863       2,219       997       218  
 
                                                     
Total fixed charges
  $ 15,545     $ 10,045     $ 23,798     $ 94,202     $ 43,728     $ 29,919     $ 21,183     $ 15,775     $ 5,782  
Ratio of historical earnings to fixed charges
    2.89x       2.99x       2.20x       2.24x       3.27x       2.46x       2.25x       1.52x       1.81x