EX-12.1 27 a55342exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
                                         
    Years Ended December 31,  
    2009     2008     2007     2006     2005  
 
Earnings:
                                       
Income (loss) from continuing operations before income taxes
  $ 199,349     $ (172,680 )   $ 20,145     $ 3,522     $ (92,838 )
Add: fixed charges
    46,973       49,855       61,256       59,260       55,412  
 
                             
Total earnings
  $ 246,322     $ (122,825 )   $ 81,401     $ 62,782     $ (37,426 )
 
                             
 
                                       
Fixed charges:
                                       
Interest expense
  $ 43,571     $ 45,385     $ 56,923     $ 56,292     $ 51,980  
Rental expense interest factor
    3,402       4,470       4,333       2,968       3,432  
 
                             
Total fixed charges (1)
  $ 46,973     $ 49,855     $ 61,256     $ 59,260     $ 55,412  
 
                             
 
                                       
Ratio of earnings to fixed charges
    5.2 x     x     1.3 x     1.1 x     x
 
                             
 
(1)   The ratio of earnings to fixed charges is computed by dividing earnings to fixed charges. For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries. Fixed charges include: interest expense, including amortization of debt issuance cost and amortization of debt discount; and the portion of rental expense that we believe is representative of the interest component of rental expense. For the years ended December 31, 2008 and 2005, earnings were insufficient to cover fixed charges by approximately $172.7 million and $92.8 million, respectively. The Company accounts for interest and penalties related to uncertain tax positions as part of its (benefit) provision for income taxes, and therefore, these charges are not included as a component of interest expense within fixed charges.