Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
(Unaudited) | ||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||
Year ended December 31 | September 30 | |||||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2011 | 2012 | ||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Pre-tax income | 105,415 | 69,397 | (18,121 | ) | (40,380 | ) | 12,141 | 1,511 | 27,686 | |||||||||||||||||||
Fixed charges | 39,926 | 42,193 | 35,756 | 33,284 | 32,988 | 24,729 | 26,910 | |||||||||||||||||||||
Capitalized interest amortization | — | — | — | 88 | 88 | 66 | 66 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Interest capitalized | — | — | 442 | 176 | 128 | 22 | 197 | |||||||||||||||||||||
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Total earnings | 145,341 | 111,590 | 18,077 | (6,832 | ) | 45,345 | 26,328 | 54,859 | ||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense | 36,771 | 38,255 | 31,339 | 29,076 | 28,727 | 21,607 | 23,668 | |||||||||||||||||||||
Interest capitalized | — | — | 442 | 176 | 128 | 22 | 197 | |||||||||||||||||||||
Portion of rent estimated to represent the interest factor | 3,155 | 3,938 | 3,975 | 4,032 | 4,133 | 3,100 | 3,045 | |||||||||||||||||||||
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Total fixed charges | 39,926 | 42,193 | 35,756 | 33,284 | 32,988 | 24,729 | 26,910 | |||||||||||||||||||||
Ratio (A) | 3.64 | 2.64 | — | — | 1.37 | 1.06 | 2.04 |
(A) | Due to the registrant’s loss, the ratio coverage was less than 1:1 in 2009 and 2010. |
To achieve a coverage ratio of 1:1, the registrant would need additional pre-tax earnings of $17,679, and $40,116 in 2009 and 2010, respectively. |