Exhibit (12)
Calculation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
The following table sets forth our historical ratio of earnings to fixed charges for the periods indicated:
Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||
September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Earnings (losses): | |||||||||||||||||||||||
Income (loss) before provision for (benefit of) income taxes, cumulative effect of accounting changes | $ | (40,257 | ) | $ | (66,415 | ) | $ | 23,047 | $ | (5,900 | ) | $ | (12,486 | ) | $ | (34,448 | ) | ||||||
Add: | |||||||||||||||||||||||
Interest expense | 795 | 893 | 1,517 | 3,245 | 2,713 | 537 | |||||||||||||||||
Operating lease interest (b) | 5,157 | 8,489 | 8,764 | 8,751 | 7,870 | 7,666 | |||||||||||||||||
Total earnings (losses) available for fixed charges | $ | (34,305 | ) | $ | (57,033 | ) | $ | 33,328 | $ | 6,096 | $ | (1,903 | ) | $ | (26,245 | ) | |||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | 795 | 893 | 1,517 | 3,245 | 2,713 | 537 | |||||||||||||||||
Operating lease interest (b) | 5,157 | 8,489 | 8,764 | 8,751 | 7,870 | 7,666 | |||||||||||||||||
Total fixed charges | $ | 5,952 | $ | 9,382 | $ | 10,281 | $ | 11,996 | $ | 10,583 | $ | 8,203 | |||||||||||
Ratio of earnings to fixed charges | (a) | (a) | 3.2 | (a) | (a) | (a) |
(a) | The earnings for the nine months ended September 30, 2009 and the years ended December 31, 2008, 2006, 2005, and 2004 were inadequate to cover total fixed charges. The coverage deficiencies in earnings available for fixed charges for a one-to-one ratio for the nine months ended September 30, 2009 and the years ended December 31, 2008, 2006, 2005, and 2004 were: $40,257, $66,415, $5,900, $12,486, and $34,448 respectively. |
(b) | The interest portions of operating leases consists of one-third of net rental charges, which we deem to be representative of the interest factor inherent in rents. |