| Year ended December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Income (loss) before income taxes and cumulative effect of change in accounting principle | $ | (4,164 | ) | $ | 5,719 | $ | 11,794 | $ | 10,291 | $ | 9,907 | |||||||||
| Add: | ||||||||||||||||||||
| Fixed charges | — | — | — | — | — | |||||||||||||||
| Amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
| Distributed income of equity investees | — | — | — | — | — | |||||||||||||||
| Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized interest | — | — | — | — | — | |||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
| Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
| Total earnings | $ | (4,164 | ) | $ | 5,719 | $ | 11,794 | $ | 10,291 | $ | 9,907 | |||||||||
| Fixed charges: | ||||||||||||||||||||
| Total interest expense | $ | 397 | $ | 284 | $ | 309 | $ | 123 | $ | 67 | ||||||||||
| Capitalized interest | — | — | — | — | — | |||||||||||||||
| Interest factor in rents | — | — | — | — | — | |||||||||||||||
| Total fixed charges | $ | 397 | $ | 284 | $ | 309 | $ | 123 | $ | 67 | ||||||||||
Ratio of earnings to fixed charges | (10.5 | )x | 20.1 | x | 38.2 | x | 83.7 | x | 147.9 | x | ||||||||||
