EX-12.2 4 b76562exv12w2.htm EX-12.2 - STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS exv12w2
Exhibit 12.2
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)
                                                         
    Three Months Ended March 31,     Year Ended December 31,  
    2009     2008     2008     2007     2006     2005     2004  
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS:
                                                       
Pre-tax (loss) income from continuing operations before adjustment for income from equity investees
    8,404       (5,583 )     (38,132 )     (248,767 )     (11,750 )     (12,390 )     (14,321 )
 
                                         
 
                                                       
Fixed charges:
                                                       
Interest expense (a)
    17,871       25,651       101,144       83,025       26,570       21,795       22,114  
Interest portion of rent expense (b)
    2,183       1,798       8,845       4,351       2,956       2,504       1,849  
 
                                                       
 
                                         
Total fixed charges
    20,054       27,449       109,989       87,376       29,526       24,299       23,963  
 
                                         
 
                                                       
Preference dividends
    9,200             23,315                         1,248  
 
                                         
 
                                                       
Total combined fixed charges and preference dividends
    29,254       27,449       133,304       87,376       29,526       24,299       25,211  
 
                                         
 
                                                       
Total earnings (loss)
    28,458       21,866       71,857       (161,391 )     17,776       11,909       9,642  
 
                                         
 
                                                       
Ratio of earnings to combined fixed charges and preference dividends
    1.0x       0.8x       0.5x             0.6x       0.5x       0.4x  
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, 2008 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, our earning were insufficient to fully cover our combined fixed charges and preference dividends. The amount of the coverage deficiency in such periods was $5.6 million, $61.4 million, $248.8 million, $11.8 million, $12.4 million and $15.6 million, respectively.