EX-12.1 3 exh12_1.htm RATION 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,
 
   
2011
   
2010
   
2009
   
2008
   
2007
 
Earnings:
                             
Pretax (loss) income from continuing operations
  $ (9,834 )   $ (19,947 )   $ (26,594 )   $ (44,882 )   $ 9,824  
Less – noncontrolling interests
          (8 )     (1,549 )     (6,482 )     1,612  
Less –  equity in earnings of affiliates
    (10,377 )     (4,870 )     (1,279 )     15,656       (13,960 )
Add –  cash distributions received
from equity investments
    4,522       5,104       6,128       15,647       16,212  
      (15,689 )     (19,721 )     (23,294 )     (20,061 )     13,688  
Fixed charges
    15,643       13,386       20,520       47,581       33,782  
Total
  $ (46 )   $ (6,335 )   $ (2,774 )   $ 27,520     $ 47,470  
                                         
Fixed Charges:
                                       
Interest expense
  $ 15,343     $ 13,086     $ 20,199     $ 47,266     $ 33,566  
Estimated interest portion of rent expense (2)
    300       300       321       315       216  
Total
  $ 15,643     $ 13,386     $ 20,520     $ 47,581     $ 33,782  
                                         
Ratio of earnings to fixed charges
     (1)        (1)         (1)       (1)       1.4  

(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 $23.2 million and $20.0 million, respectively.
 
(2)  
Estimated to be 8% of rent expense.