EX-12.2 8 d557186dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

 

Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends

(in thousands)

 

 

     Six Months Ended
June 30,
    Year Ended December 31,  
     2013     2012     2012     2011     2010     2009      2008  

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS:

               

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

   $ (70,410   $ (12,791   $ (109,039   $ (164,284   $ (1,056,850   $ 52,260       $ (37,042
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Fixed charges:

               

Interest expense (a)

   $ 114,085      $ 106,258      $ 217,325      $ 203,971      $ 139,435      $ 106,798       $ 101,132   

Interest portion of rent expense (b)

     6,777        6,334        12,791        10,585        9,747        9,316         8,555   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

     120,862        112,592        230,116        214,556        149,182        116,114         109,687   

Preference dividends

     17,598        17,647        35,488        36,748        40,392        38,287         23,315   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total combined fixed charges and preference dividends

   $ 138,460      $ 130,239      $ 265,604      $ 251,304      $ 189,574      $ 154,401       $ 133,002   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total earnings (losses)

   $ 50,452      $ 99,801      $ 121,077      $ 50,272      $ (907,668   $ 168,374       $ 72,645   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of earnings to combined fixed charges and preference dividends

     0.4x        0.8x        0.5x        0.2x        —          1.0x         0.5x   

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 six months ended June 30, 2013 and 2012 and the years ended December 31, 2012, 2011, 2010 and 2008, our earnings were insufficient to fully cover our combined fixed charges and preference dividends. The amount of the coverage deficiency in such periods was $88.0 million, $30.4 million, $144.5 million, $201.0 million, $1.1 billion and $60.4 million, respectively.