Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated basis. You should read these ratios of earnings to fixed charges in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference into this prospectus (amounts in thousands, except ratios).
| Nine Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30, | Year ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (Loss) before provision for income taxes | $ | (8,441 | ) | $ | (4,150 | ) | $ | 5,524 | $ | 7,675 | $ | 4,967 | $ | 6,037 | ||||||||||
(Income) Loss from equity investees | (76 | ) | 217 | 760 | 331 | (107 | ) | (270 | ) | |||||||||||||||
Distributions from equity investees | 97 | 21 | 1,442 | 5,165 | 744 | 534 | ||||||||||||||||||
Plus: Fixed Charges | 37,516 | 46,659 | 40,009 | 29,922 | 26,095 | 27,318 | ||||||||||||||||||
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Total Earnings | $ | 29,096 | $ | 42,747 | $ | 47,735 | $ | 43,093 | $ | 31,699 | $ | 33,619 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 17,321 | $ | 18,022 | $ | 11,900 | $ | 11,241 | $ | 11,819 | $ | 12,217 | ||||||||||||
Estimate of interest component of rental expense | 20,195 | 28,637 | 28,109 | 18,681 | 14,276 | 15,101 | ||||||||||||||||||
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Total Fixed Charges | $ | 37,516 | $ | 46,659 | $ | 40,009 | $ | 29,922 | $ | 26,095 | $ | 27,318 | ||||||||||||
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Ratio of Earnings to Fixed Charges | (A) | (A) | 1.19 | 1.44 | 1.21 | 1.23 | ||||||||||||||||||
| (A) | Earnings were insufficient to cover fixed charges by $8.4 million and $3.9 million for the nine months ended September 30, 2013, and year ended December 31, 2012, respectively. |
In calculating the ratio of earnings to fixed charges, “earnings” means the sum of income before income taxes and fixed charges exclusive of capitalized interest, and “fixed charges” means interest expensed and capitalized, amortized premiums, discounts and capitalized expenses relating to indebtedness and an estimate of the portion of annual rental expense on leases that represents the interest factor.
For the periods indicated above, we did not have any outstanding shares of preferred stock. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the above table.
