EX-12.1 2 a50463838ex12-1.htm EXHIBIT 12.1 a50463838ex12-1.htm
Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
For the three and the nine months ended September 30, 2012 and 2011.
 
                         
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2012
    
2011
    
2012
    
2011
  
   
(In thousands, except ratio computation)
  
Pretax loss from continuing operations before adjustment for noncontrolling interest
   $ 3,189     $ 5,947     $ 7,039     $ 3,796  
                                 
Add back:
                                
Fixed charges
     7,088       6,933       21,582       22,820  
Distributed income of equity investees
     2,906       951       5,528       3,143  
                                 
Deduct:
                                
Equity in earnings of equity investees
     (1,008 )     (3,702 )     (2,084 )     (5,336 )
Capitalized interest
     (245 )     (156 )     (758 )     (359 )
Earnings as Defined
   $ 11,930     $ 9,973     $ 31,307     $ 24,064  
                                 
Fixed Charges
                                
Interest expense including amortization of deferred financing fees
   $ 6,784     $ 6,707     $ 20,617     $ 22,225  
Capitalized interest
     245       156       758       359  
Interest portion of rent expense
     59       70       207       236  
Fixed Charges
     7,088       6,933       21,582       22,820  
Preferred share dividends
     1,813       1,813       5,438       3,432  
Combined Fixed Charges and Preferred Dividends
   $ 8,901     $ 8,746     $ 27,020     $ 26,252  
                                 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
     1.34       1.14       1.16    
(a)
  
                                 
 
(a)
Due to the pretax loss from continuing operations for the nine months ended September 30, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $2.2 million to achieve a coverage of 1:1 for the period.