EX-12.1 5 a11-6508_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

 

(Dollars In Thousands)

 

 

 

For The Years Ended December 31

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

Earnings (Loss) Before Income Taxes and Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

61,150

 

21,080

 

(123,600

)

(174,870

)

(110,620

)

Fixed charges

 

56,920

 

61,330

 

61,000

 

81,370

 

93,840

 

Earnings (loss) before income taxes and fixed charges

 

118,070

 

82,410

 

(62,600

)

(93,500

)

(16,780

)

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

51,830

 

56,470

 

55,880

 

75,750

 

87,670

 

Estimated interest factor for rentals

 

5,090

 

4,860

 

5,120

 

5,620

 

6,170

 

Fixed charges

 

56,920

 

61,330

 

61,000

 

81,370

 

93,840

 

Ratio of earnings to fixed charges

 

2.1

 

1.3

 

n/a

(1)

n/a

(1)

n/a

(1)

 


(1) For purposes of calculating the ratio of earnings to fixed charges, earnings represents income (loss) from continuing operations before income taxes plus fixed charges. Fixed charges include interest expense, including amortization of deferred financing costs and debt extinguishment costs, and the portion of operating rental expense which management believes is representative of the interest component of rent expense (assumed to be 33%). For the years ended December 31, 2008, 2007 and 2006, additional earnings of $123.6 million, $174.9 million, and $110.6 million, respectively, would have been required to make the ratio 1.0x.