| Year ended December 31, | |||||||||||||||
| (dollars in thousands) | 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||
| Ratio of earnings to fixed charges | |||||||||||||||
| Earnings: | |||||||||||||||
| Income (loss) before income taxes and cumulative effect of change in accounting principle | $ | 10,291 | $ | 9,907 | $ | (1,753 | ) | $ | (18,764 | ) | $ | (9,415 | ) | ||
| 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 | $ | 10,291 | $ | 9,907 | $ | (1,753 | ) | $ | (18,764 | ) | $ | (9,415 | ) | ||
| Fixed charges: | |||||||||||||||
| Total interest expense | $ | 123 | $ | 67 | $ | 296 | $ | 724 | $ | 775 | |||||
| Capitalized interest | — | — | — | — | — | ||||||||||
| Interest factor in rents | — | — | — | — | — | ||||||||||
| Total fixed charges | $ | 123 | $ | 67 | $ | 296 | $ | 724 | $ | 775 | |||||
| Ratio of earnings to fixed charges | 83.7x | 147.9x | (5.9)x | (25.9)x | (12.1)x | ||||||||||
