EX-12.1 8 d456916dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Calculation of Ratios of Earnings to Fixed Charges

(in thousands)

 

     Three Months Ended
March 31,
    Year Ended December 31,  
     2013     2012     2012     2011     2010     2009      2008  

RATIO OF EARNINGS TO FIXED CHARGES:

               

Pre-tax (loss) income from continuing operations before adjustment for income from equity investee

   $ (32,259   $ (2,895   $ (109,039   $ (164,284   $ (1,056,850   $ 52,260       $ (37,042
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Fixed charges:

               

Interest expense (a)

   $ 57,236      $ 50,727      $ 217,325      $ 203,971      $ 139,435      $ 106,798       $ 101,132   

Interest portion of rent expense (b)

     3,322        3,165        12,791        10,585        9,747        9,316         8,555   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 60,558      $ 53,892      $ 230,116      $ 214,556      $ 149,182      $ 116,114       $ 109,687   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total earnings (losses)

   $ 28,299      $ 50,997      $ 121,077      $ 50,272      $ (907,668   $ 168,374       $ 72,645   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges

     0.5x        0.9x        0.5x        0.2x        —          1.4x         0.7x   

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) For the three months ended March 31, 2013 and 2013 and the years ended December 31, 2012, 2011, 2010 and 2008, our earnings were insufficient to fully cover our fixed charges. The amount of the coverage deficiency in such periods was $32.3 million, $2.9 million, $109.0 million, $164.3 million, $1.1 billion and $37.0 million, respectively.