EX-12.1 4 y04033exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
                                                 
    Six Months    
    Ended    
    June 30,   Year Ended December 31,
    2010   2009   2008 (B)   2007   2006   2005
Earnings:
                                               
Pretax income (loss) from continuing operations before income (loss) from equity investee
  $ (55,996 )   $ (71,952 )   $ (76,778 )   $ (106,519 )   $ (103,150 )   $ (95,456 )
Fixed charges
    8,517       5,558       10,067       14,014       13,643       13,687  
Amortization of capitalized interest
    10       20       20       23       73       78  
Interest capitalized
    (2,836 )     (516 )                        
     
 
                                               
Adjusted earnings
  $ (50,305 )   $ (66,890 )   $ (66,691 )   $ (92,482 )   $ (89,434 )   $ (81,691 )
     
 
                                               
Fixed charges:
                                               
Interest expense
  $ 4,426     $ 2,337     $ 7,752     $ 12,043     $ 12,043     $ 12,046  
Interest capitalized
    2,836       516                          
Assumed interest component of rental charges
    1,255       2,705       2,315       1,971       1,600       1,641  
     
 
                                               
Total fixed charges
  $ 8,517     $ 5,558     $ 10,067     $ 14,014     $ 13,643     $ 13,687  
     
 
                                               
Ratio of earnings to fixed charges
    ( A)     ( A)     ( A)     ( A)     ( A)     ( A)
 
(A)   Due to the registrant’s losses for the six months ended June 30, 2010 and for the years ended December 31, 2009, 2008, 2007, 2006, and 2005, the ratio coverage was less than 1:1. To achieve a coverage ratio of 1:1, the registrant must generate additional earnings of the amounts shown in the table below.
 
(B)   During the year ended December 31, 2008, the registrant repurchased $82.5 million and repaid the remaining $117.5 million of its convertible senior subordinate notes. As of December 31, 2008, the registrant therefore did not have any registered debt outstanding.
                                                 
    Six Months    
    Ended    
    June 30,   Year Ended December 31,
    2010   2009   2008 (B)   2007   2006   2005
Coverage deficiency
  $ 58,822     $ 72,448     $ 76,758     $ 106,496     $ 103,077     $ 95,378  

S-6