EX-12.2 14 b78349s4exv12w2.htm EX-12.2 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS exv12w2
Exhibit 12.2
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)
                                                         
    Nine Months Ended September 30,     Year Ended December 31,  
    2009     2008     2008     2007     2006     2005     2004  
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS:
                                                       
Pre-tax (loss) income from continuing operations before adjustment for income from equity investees
    39,218       (51,252 )     (38,132 )     (248,767 )     (11,750 )     (12,390 )     (14,321 )
 
                                         
 
                                                       
Fixed charges:
                                                       
Interest expense (a)
    72,092       78,762       101,144       83,025       26,570       21,795       22,114  
Interest portion of rent expense (b)
    7,325       6,436       8,845       4,351       2,956       2,504       1,849  
 
                                                       
 
                                         
Total fixed charges
    79,417       85,198       109,989       87,376       29,526       24,299       23,963  
 
                                         
 
                                                       
Preference dividends
    28,427       14,167       23,315                         1,248  
 
                                         
 
                                                       
Total combined fixed charges and preference dividends
    107,844       99,365       133,304       87,376       29,526       24,299       25,211  
 
                                         
 
                                                       
Total earnings (loss)
    118,635       33,946       71,857       (161,391 )     17,776       11,909       9,642  
 
                                         
 
                                                       
Ratio of earnings to combined fixed charges and preference dividends
    1.1 x     0.3 x     0.5 x           0.6 x     0.5 x     0.4 x
Ratio of coverage deficiency
            (c)       (c)       (c)       (c)       (c)       (c)
 
(a)   Interest expense includes the write-off and amortization of deferred financing costs and the write-off and amortization of non-cash discounts associated with our debt issuances.
 
(b)   Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals.
 
(c)   Due to the loss from operations for the nine months ended September 30, 2008 and for the years ended December 31, 2008, 2007, 2006, 2005 and 2004, there were insufficient earnings of $65.4 million, $61.4 million, $248.8 million, $11.8 million, $12.4 million and $15.6 million, respectively, to cover combined fixed charges and preference dividends.