EXHIBIT 12.1
Ratio of Earnings to Fixed Charges (in thousands) | |||||||||||||||||||||||||||||||||
| For the year ended December 31, | Nine months Ended September 30, | Twelve Months Ended | |||||||||||||||||||||||||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2008 | 2009 | Sept 30, 2009 | |||||||||||||||||||||||||
Income/(loss) from continuing operations | $ | (68,020 | ) | $ | (10,373 | ) | $ | 12,219 | $ | 18,002 | $ | (9,642 | ) | $ | 17,052 | $ | (948 | ) | $ | (148,152 | ) | $ | (130,152 | ) | |||||||||
Total fixed charges | 36,163 | 24,376 | 29,034 | 34,575 | 39,181 | 45,099 | 33,900 | 25,536 | 36,735 | ||||||||||||||||||||||||
| (31,857 | ) | 14,003 | 41,253 | 52,577 | 29,539 | 62,151 | 32,952 | (122,616 | ) | (93,417 | ) | ||||||||||||||||||||||
Fixed charges | |||||||||||||||||||||||||||||||||
Operating lease expense | $ | 5,353 | $ | 6,100 | $ | 6,232 | $ | 10,860 | $ | 23,516 | $ | 28,658 | $ | 22,963 | $ | 16,669 | $ | 22,364 | |||||||||||||||
Factored at one-third | $ | 1,784 | $ | 2,033 | $ | 2,077 | $ | 3,620 | $ | 7,839 | $ | 9,553 | $ | 7,654 | $ | 5,556 | $ | 7,455 | |||||||||||||||
Preferred stock dividends | 4,395 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest expense | 29,984 | 22,343 | 26,957 | 30,955 | 31,342 | 35,546 | 26,246 | 19,980 | 29,280 | ||||||||||||||||||||||||
Total fixed charges | $ | 36,163 | $ | 24,376 | $ | 29,034 | $ | 34,575 | $ | 39,181 | $ | 45,099 | $ | 33,900 | $ | 25,536 | $ | 36,735 | |||||||||||||||
Ratio of earnings to fixed charges | (0.9 | ) | 0.6 | 1.4 | 1.5 | 0.8 | 1.4 | 1.0 | (4.8 | ) | (2.5 | ) | |||||||||||||||||||||
(Deficiency)/surplus in fixed charge coverage ratio | $ | (68,020 | ) | $ | (10,373 | ) | $ | 12,219 | $ | 18,002 | $ | (9,642 | ) | $ | 17,052 | $ | (948 | ) | $ | (148,152 | ) | $ | (130,152 | ) | |||||||||
For the nine months ended September 30, 2009 and 2008 earnings were insufficient to cover fixed charges by approximately $111.2 million and $1.0 million.
1