EX-12.1 2 ex_121-20120930.htm RATIO OF FIXED EARNINGS EX_12.1-2012.09.30


Exhibit 12.1

Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 
For the Fiscal Year Ended September 30,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
Pretax income (loss) from continuing operations
$
39,752

 
$
(9,834
)
 
$
(19,947
)
 
$
(26,594
)
 
$
(44,882
)
Less - noncontrolling interests
—

 
—

 
(8
)
 
(1,549
)
 
(6,482
)
Less - equity in (earnings) losses of affiliates
(3,439
)
 
(10,377
)
 
(4,870
)
 
(1,279
)
 
15,656

Add - cash distributions received from equity investments
3,463

 
4,522

 
5,104

 
6,128

 
15,647

 
39,776

 
(15,689
)
 
(19,721
)
 
(23,294
)
 
(20,061
)
Fixed charges
4,941

 
15,643

 
13,386

 
20,520

 
47,581

Total
$
44,717

 
$
(46
)
 
$
(6,335
)
 
$
(2,774
)
 
$
27,520

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
4,741

 
$
15,343

 
$
13,086

 
$
20,199

 
$
47,266

Estimated interest portion of rent expense (2)
200

 
300

 
300

 
321

 
315

Total
$
4,941

 
$
15,643

 
$
13,386

 
$
20,520

 
$
47,581

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
9.1
 
(1)
 
(1)
 
(1)
 
(1)
 
    
(1)
Earnings for fiscal 2011, 2010, 2009 and 2008 were inadequate to cover fixed charges. The coverage deficiencies for those periods were $15.7 million, $19.7 million, $23.3 million and $20.1 million, respectively.
(2)
Estimated to be 8% of rent expense.