EX-12 5 dex12.htm EX-12 EX-12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in Thousands)

 

     Company  
     Year Ended
December 31,
2006
     Year Ended
December 31,
2007
     Year Ended
December 31,
2008
     Year Ended
December 31,
2009
     Year Ended
December 31,
2010
     Six
Months
Ended
June 30,
2011
     Six
Months
Ended
June 30,
2010
 

Pretax (loss) income from operations (a)

   $ 40,407       $ 61,319       $ 109,595       $ 84,542       $ 28,498       $ 27,293       $ 5,254   

Fixed charges:

                    

Interest expense

     25,461         22,174         17,953         15,817         16,196         7,997         8,241   

Financing costs amortization

     1,536         1,646         1,857         1,616         3,063         649         2,366   

Interest portion of rental expense (b)

     1,458         2,159         2,388         2,407         2,827         1,483         1,384   
                                                              

Total fixed charges

     28,455         25,979         22,198         19,840         22,086         10,129         11,991   
                                                              

Earnings (loss) before income taxes and fixed charges

   $ 68,862       $ 87,298       $ 131,793       $ 104,382       $ 50,584       $ 37,422       $ 17,245   
                                                              

Ratio of earnings to fixed charges (c)

     2.4         3.4         5.9         5.3         2.3         3.7         1.4   

Earnings Deficiency (d)

   $ —         $ —         $ —         $ —         $ —         $ —         $ —     

 

(a) For this purpose, earnings include pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries and income or loss from equity investees.
(b) The Company uses one-third of rental expense as an estimation of interest within rental expense.
(c) The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges.
(d) The deficiencies for the periods where earnings were inadequate to cover fixed charges are noted in the schedule above.