EX-12.1 4 b74871arexv12w1.htm EX-12.1 STATEMENT REGARDING CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
                                         
    Year Ended December 31,
    2008   2007   2006   2005   2004
RATIO OF EARNINGS TO FIXED CHARGES:
                                       
Pre-tax (loss) income from continuing operations before adjustment for income from equity investees
    (38,132 )     (248,767 )     (11,750 )     (12,390 )     (14,321 )
 
                                       
 
                                       
Fixed charges:
                                       
Interest expense (a)
    101,144       83,025       26,570       21,795       22,114  
Interest portion of rent expense (b)
    8,845       4,351       2,956       2,504       1,849  
 
                                       
 
                                       
Total fixed charges
    109,989       87,376       29,526       24,299       23,963  
 
                                       
 
                                       
Total earnings (loss)
    71,857       (161,391 )     17,776       11,909       9,642  
 
                                       
 
                                       
Ratio of earnings to fixed charges
    0.7x             0.6x       0.5x       0.4x  
Ratio of coverage deficiency
    (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 and stock dividends.
 
(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 years ended December 31, 2008, 2007, 2006, 2005 and 2004, there were insufficient earnings of $38.1 million, $248.9 million, $11.8 million, $12.4 million and $14.3 million, respectively, to cover fixed charges.