Exhibit 12.01
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
March 31, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Pre-tax (loss) income from continuing operations adjusted to exclude income or loss from equity investees | $ | (447 | ) | $ | 30,788 | $ | 16,753 | $ | 27,087 | $ | 140,981 | $ | (303,203 | ) | ||||||||||
Distributed income of equity investees | — | 384 | 266 | 222 | 326 | 7,355 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | 1,604 | 4,965 | 2,508 | 1,155 | 3,645 | 72,751 | ||||||||||||||||||
Rentals | 20 | 88 | 58 | 54 | 77 | 251 | ||||||||||||||||||
Total fixed charges | $ | 1,624 | $ | 5,053 | $ | 2,566 | $ | 1,209 | $ | 3,722 | $ | 73,002 | ||||||||||||
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 | $ | 1,177 | $ | 36,225 | $ | 19,585 | $ | 28,518 | $ | 145,029 | $ | (222,846 | ) | |||||||||||
Ratio of earnings to fixed charges | 0.7 | 7.2 | 7.6 | 23.6 | 39.0 | (A) | ||||||||||||||||||
(A) | Due to the Company's loss in 2008, the ratio coverage in this year was less than 1:1. The Company would have had to generate additional earnings of $295,848 to achieve coverage of 1:1 in this year. |