EX-12.2 16 b78349aexv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)
                                         
    For the Years Ended December 31,
    2009   2008   2007   2006   2005
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS:
                                       
Pre-tax (loss) income from continuing operations before adjustment for income from equity investees
    42,260       (37,042 )     (248,419 )     (8,211 )     (11,299 )
 
                                       
 
                                       
Fixed charges:
                                       
Interest expense (a)
    106,733       101,144       83,025       26,570       21,795  
Interest portion of rent expense (b)
    9,316       8,555       4,064       2,956       2,504  
 
                                       
 
Total fixed charges
    116,049       109,699       87,089       29,526       24,299  
 
                                       
 
                                       
Preference dividends
    38,287       23,315                    
 
                                       
 
                                       
Total combined fixed charges and preference dividends
    154,336       133,014       87,089       29,526       24,299  
 
                                       
 
                                       
Total earnings (loss)
    158,309       72,657       (161,330 )     21,315       13,000  
 
                                       
 
                                       
Ratio of earnings to combined fixed charges and preference dividends
    1.0x       0.5x             0.7x       0.5x  
Ratio of coverage deficiency
            (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)   Due to the loss from continuing operations for the years ended December 31, 2008, 2007, 2006 and 2005, there were insufficient earnings of $37.0 million, $248.4 million, $8.2 million and $11.3 million, respectively, to cover combined fixed charges and preference dividends.