EX-12.1 5 a2178570zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

DETERMINATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Month
Ended
June 30,

 

 

Five Months
Ended
May 31,

 

Fiscal Year Ended December 31,

 

 

 

2007

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

(Successor)

 

 

(Predecessor)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

Income (loss) before income taxes

 

$

(4,129

)

 

$

(46,982

)

$

664

 

$

(727

)

$

(2,404

)

$

(19,251

)

$

(121

)

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs

 

 

 

 

 

 

 

856

 

1,079

 

Interest expense

 

3,800

 

 

13,829

 

31,599

 

31,127

 

30,508

 

20,244

 

18,127

 

Earnings (loss) before fixed charges

 

$

(329

)

 

$

(33,153

)

$

32,263

 

$

30,400

 

$

28,106

 

$

1,849

 

$

19,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs

 

$

 

 

$

 

$

 

$

 

$

 

$

856

 

$

1,079

 

Interest expense

 

3,800

 

 

13,829

 

31,599

 

31,127

 

30,508

 

20,244

 

18,127

 

Total fixed charges

 

$

3,800

 

 

$

13,829

 

$

31,599

 

$

31,127

 

$

30,508

 

$

21,100

 

$

19,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(1)

 

 

 

 

1.02

 

 

 

 

 

 


(1) If we consistently incur net losses before income tax, we may not be able to maintain a ratio coverage of greater than 1:0:1.0. For the year ended December 31, 2006, we had income before income taxes of $664,000, generating a ratio of 1.02:1. Due to our losses in the six months ended June 30, 2007 and for the full years of 2005, 2004, 2003 and 2002, the ratio coverage in the respective years was less than 1.00:1.00. We needed to generate additional earnings of $51,111,000, $727,000, $2,404,000, $19,251,000 and $121,000 in the six months ended June 30, 2007 and for the full years of 2005, 2004, 2003 and 2002, respectively, to achieve a coverage ratio of 1.00:1.00.