EX-12.1 47 a2214555zex-12_1.htm EX-12.1

Exhibit 12.1

 

Computation of ratio of earnings to fixed charges

(dollars in thousands)

 

 

 

Year ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations before income taxes and equity in (losses) income of unconsolidated affiliates

 

$

314,407

 

$

207,822

 

$

48,362

 

$

(932,985

)

$

94,600

 

Fixed charges

 

13,866

 

13,485

 

13,169

 

12,413

 

38,767

 

Distributed income of equity investees

 

—

 

—

 

11,355

 

—

 

—

 

Share of pre-tax losses of equity investee for which charges arising from a guarantee are included in fixed charges (a)

 

(22,604

)

(28,936

)

—

 

—

 

—

 

Total earnings (loss), as adjusted

 

$

305,669

 

$

192,371

 

$

72,886

 

$

(920,572

)

$

133,367

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (a)

 

$

6,068

 

$

5,477

 

$

5,223

 

$

5,642

 

$

29,061

 

Amortization of debt issuance costs

 

142

 

181

 

181

 

181

 

3,302

 

Interest portion of rent expense

 

7,656

 

7,827

 

7,765

 

6,590

 

6,404

 

Total fixed charges

 

$

13,866

 

$

13,485

 

$

13,169

 

$

12,413

 

$

38,767

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

22.0

 

14.3

 

5.5

 

—

 

3.4

 

 

(a)         IAC guaranteed half of an equity method investee’s bank loan and was required to satisfy the guarantee in 2012. Interest expense on this loan of $0.1 million and $0.2 million in the years ended December 31, 2012 and 2011, respectively, is included in fixed charges.