EX-12.2 5 b74871arexv12w2.htm EX-12.2 STATEMENT REGARDING CALCULATION OF RATIOS 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
                                         
    Year Ended December 31,
    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
    (38,132 )     (248,767 )     (11,750 )     (12,390 )     (14,321 )
 
                                       
 
                                       
Fixed charges and preference dividends:
                                       
Interest expense (a)
    101,144       83,025       26,570       21,795       22,114  
Preferred stock dividends
    13,989                         10  
Interest portion of rent expense (b)
    8,845       4,351       2,956       2,504       1,849  
 
                                       
 
                                       
Total combined fixed charges and preference dividends
    123,978       87,376       29,526       24,299       23,973  
 
                                       
 
                                       
Total earnings (loss)
    85,846       (161,391 )     17,776       11,909       9,652  
 
                                       
 
                                       
Ratio of earnings to combined fixed charges and preference dividends
    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.
 
(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 combined fixed charges and preference dividends.