EX-12.1 4 a50357669ex12-1.htm EXHIBIT 12.1 a50357669ex12-1.htm
Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
For the three and the six months ended June 30, 2012 and 2011.
 
                         
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2012
    
2011
    
2012
    
2011
  
   
(In thousands, except ratio computation)
  
Pretax loss from continuing operations before adjustment for noncontrolling interest
   $ 1,752     $ (1,733 )   $ 3,850     $ (2,152 )
                                 
Add back:
                                
Fixed charges
     7,185       7,247       14,494       15,883  
Distributed income of equity investees
     1,649       1,113       2,622       2,192  
                                 
Deduct:
                                
Equity in earnings of equity investees
     (580 )     (672 )     (1,076 )     (1,633 )
Capitalized interest
     (280 )     (101 )     (513 )     (203 )
Earnings as Defined
   $ 9,726     $ 5,854     $ 19,377     $ 14,087  
                                 
Fixed Charges
                                
Interest expense including amortization of deferred financing fees
   $ 6,829     $ 7,064     $ 13,833     $ 15,518  
Capitalized interest
     280       101       513       203  
Interest portion of rent expense
     76       82       148       162  
Fixed Charges
     7,185       7,247       14,494       15,883  
Preferred share dividends
     1,813       1,619       3,625       1,619  
Combined Fixed Charges and Preferred Dividends
   $ 8,998     $ 8,866     $ 18,119     $ 17,502  
                                 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
     1.08    
(a)
       1.07    
(b)
  
                   
                   
(a)
Due to the pretax loss from continuing operations for the three months ended June 30, 2012, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of $3.0 million to achieve a coverage of 1:1 for the period.
      
(b)
Due to the pretax loss from continuing operations for the six months ended June 30, 2012, the ratio coverage was less than 1:1.  We would have needed to generate additional earnings of $3.4 million to achieve a coverage of 1:1 for the period.