EX-12.1 3 exh12_1.htm RATIO OF EARNINGS TO FIXED CHARGES exh12_1.htm
 
 
 
Exhibit 12.1

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



   
For the Fiscal Year Ended September 30,
  
   
2010
    
2009
    
2008
    
2007
    
2006
  
Earnings:
                              
Pretax (loss) income from continuing
operations
   $ (19,947 )   $ (26,594 )   $ (44,882 )   $ 9,824     $ 19,442  
Less – noncontrolling interests
     (8 )     (1,549 )     (6,482 )     1,612       1,624  
Less –  equity in earnings of affiliates
     (4,870 )     (1,279 )     15,656       (13,960 )     (5,896 )
Add –  cash distributions received
from equity investments
     5,104       6,128       15,647       16,212       12,570  
      (19,721 )     (23,294 )     (20,061 )     13,688       27,740  
Fixed charges
     13,386       20,520       47,581       33,782       10,244  
Total
   $ (6,335 )   $ (2,774 )   $ 27,520     $ 47,470     $ 37,984  
                                         
Fixed Charges:
                                        
Interest expense
   $ 13,086     $ 20,199     $ 47,266     $ 33,566     $ 10,119  
Estimated interest portion of rent
expense (2) 
     300       321       315       216       125  
Total
   $ 13,386     $ 20,520     $ 47,581     $ 33,782     $ 10,244  
                                         
Ratio of earnings to fixed charges
       (1)       (1)       (1)     1.4       3.7  
(1)  
Earnings for fiscal 2010, 2009 and 2008 were inadequate to cover fixed charges.  The coverage deficiencies for those periods were $19.7 million $23.2 million and $20.0 million, respectively.
 
(2)  
Estimated to be 8% of rent expense.