EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
For the purpose of determining the ratio of earnings to fixed charges, “earnings” consist of income (loss) before income taxes and noncontrolling interest, plus fixed charges and amortization of capitalized interest, less interest capitalized. “Fixed charges” consist of interest expense (including amortization of deferred financing costs, premiums, and discounts), amortization of capitalized expenses related to indebtedness, plus two-thirds of rental expense (this portion is considered to be representative of the interest factor), and are computed as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | As of and for Year Ended December 31, (in thousands) | |
| | | | | |
| | | 2011
(As adjusted,
see Note 4 of
Financial
Statements) | | | 2010
(As adjusted,
see Note 4 of
Financial
Statements) | | | 2009
(As adjusted,
see Note 4 of
Financial
Statements) | | | 2008
(As adjusted) | | | 2007
(As adjusted) | |
Earnings: | | | | | | | | | | | | | | | | | | | | |
Net loss | | $ | (8,556 | ) | | $ | (1,433 | ) | | $ | (4,653 | ) | | $ | (8,827 | ) | | $ | (6,570 | ) |
Add: Fixed charges | | | 29,569 | | | | 30,490 | | | | 30,013 | | | | 32,807 | | | | 34,183 | |
Add: Amortization of capitalized interest | | | 75 | | | | 75 | | | | 75 | | | | 75 | | | | 75 | |
Less: Interest capitalized | | | — | | | | — | | | | (10 | ) | | | — | | | | (159 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total Earnings | | $ | 21,088 | | | $ | 29,132 | | | $ | 25,425 | | | $ | 24,055 | | | $ | 27,529 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Fixed Charges | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | 27,479 | | | $ | 28,442 | | | $ | 28,004 | | | $ | 30,818 | | | $ | 32,049 | |
Interest capitalized | | | — | | | | — | | | | 10 | | | | — | | | | 159 | |
Estimated interest on rental expense | | | 2,090 | | | | 2,048 | | | | 1,999 | | | | 1,989 | | | | 1,975 | |
| | | | | | | | | | | | | | | | | | | | |
Total Fixed Charges | | $ | 29,569 | | | $ | 30,490 | | | $ | 30,013 | | | $ | 32,807 | | | $ | 34,183 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratio of Earnings to Fixed Charges (1) | | | 0.71x | | | | 0.96x | | | | 0.85x | | | | 0.73x | | | | 0.81 | |
| (1) | For the years ended December 31, 2011, 2010, 2009, 2008 and 2007, we had a deficiency of $8,481, $1,358, $4,588, $8,752 and $6,654, respectively, in earnings to fixed charges. |
