EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 32,057 | $ | 10,100 | $ | (71,910 | ) | $ | (251,821 | ) | $ | 22,172 | ||||||||
Add: Fixed charges | 14,322 | 21,175 | 29,462 | 12,170 | 1,745 | |||||||||||||||
Subtract: income from equity method investment | (1,171 | ) | (857 | ) | (515 | ) | (214 | ) | (156 | ) | ||||||||||
Subtract: income attributable to noncontrolling interest | (28 | ) | (48 | ) | (61 | ) | (60 | ) | — | |||||||||||
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Total Earnings (losses) | $ | 45,180 | $ | 30,370 | $ | (43,024 | ) | $ | (239,925 | ) | $ | 23,761 | ||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense (a) | $ | 13,062 | $ | 19,908 | $ | 27,751 | $ | 10,387 | $ | 128 | ||||||||||
Interest portion of rent expense | 1,260 | 1,267 | 1,711 | 1,783 | 1,617 | |||||||||||||||
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Total Fixed Charges | $ | 14,322 | $ | 21,175 | $ | 29,462 | $ | 12,170 | $ | 1,745 | ||||||||||
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Ratio of Earnings to Fixed Charges (b) | 3.2x | 1.4x | — | — | 13.6x |
The Ratio of Earnings to Fixed Charges calculation differs from the Minimum Consolidated Fixed Charge Coverage Ratio as defined in the Company’s Senior Credit Facility Credit Agreement.
(a) | Interest expense includes interest on outstanding debt obligations, amortization of debt discounts attributable to warrants, amortization of deferred financing fees, and losses on extinguishment of debt attributable to the write-offs of unamortized deferred financing fees at the time of extinguishment. |
(b) | Earnings were insufficient to cover Fixed Charges by $43.0 million in 2009 and $239.9 million in 2008. |