Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Year Ended December 31, | ||||||||||||||||||||
(dollar amounts in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Pretax income (loss) from continuing operations before adjustment for income from unconsolidated subsidiaries | $ | 55,239 | $ | (201,917 | ) | $ | 69,957 | $ | 49,500 | $ | 30,894 | |||||||||
Add: | ||||||||||||||||||||
Fixed charges | 30,174 | 40,709 | 41,833 | 27,085 | 16,263 | |||||||||||||||
Dividends received | 474 | 222 | 1,760 | — | 336 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | — | (189 | ) | (339 | ) | — | — | |||||||||||||
Adjusted pretax income (loss) | $ | 85,887 | $ | (161,175 | ) | $ | 113,211 | $ | 76,585 | $ | 47,493 | |||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 25,716 | $ | 36,351 | $ | 37,597 | $ | 25,203 | $ | 14,837 | ||||||||||
Estimate of interest within rental expense | 4,458 | 4,169 | 3,897 | 1,882 | 1,426 | |||||||||||||||
Capitalized interest | — | 189 | 339 | — | — | |||||||||||||||
Total fixed charges | $ | 30,174 | $ | 40,709 | $ | 41,833 | $ | 27,085 | $ | 16,263 | ||||||||||
Ratio of earnings to fixed charges | 2.8 | (A) | 2.7 | 2.8 | 2.9 |
(A) | Adjusted pretax loss was inadequate to cover fixed charges by $201.9 million in 2008. |