Exhibit 12.01
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Nine Months Ended | Year Ended December 31, | |||||||||||||||||||||||
September 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees | $ | 17,278 | $ | 16,753 | $ | 27,087 | $ | 140,981 | $ | (303,203 | ) | $ | (660,724 | ) | ||||||||||
Distributed income of equity investees | 125 | 266 | 222 | 326 | 7,355 | 1,933 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | 3,182 | 2,508 | 1,155 | 3,645 | 72,751 | 472,100 | ||||||||||||||||||
Rentals | 65 | 58 | 54 | 77 | 251 | 2,316 | ||||||||||||||||||
Total fixed charges | $ | 3,247 | $ | 2,566 | $ | 1,209 | $ | 3,722 | $ | 73,002 | $ | 474,416 | ||||||||||||
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees | $ | 20,650 | $ | 19,585 | $ | 28,518 | $ | 145,029 | $ | (222,846 | ) | $ | (184,375 | ) | ||||||||||
Ratio of earnings to fixed charges | 6.4 | 7.6 | 23.6 | 39.0 | (A) | (A) |
(A) | Due to the Company's losses in 2008 and 2007, the ratio coverage in these years was less than 1:1. The Company would have had to generate additional earnings of $295,848 and $658,791, respectively, to achieve coverage of 1:1 in those years. |