Exhibit 12.1
Computation of Ratios
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
Years ended December 31, | ||||||||||||||||
(dollar amount in thousands) | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Earnings: | ||||||||||||||||
Pretax income (loss) from continuing operations | (23,525 | ) | (13,889 | ) | 3,688 | 13,726 | 3,750 | |||||||||
Fixed Charges | 72,939 | 60,104 | 16,012 | 3,266 | 1,673 | |||||||||||
Distributed income of equity investees | 11,524 | 17,268 | 7,605 | 21,565 | 1,589 | |||||||||||
Total Earnings | 60,938 | 63,483 | 27,305 | 38,557 | 7,012 | |||||||||||
Fixed Charges: | ||||||||||||||||
Interest Expense | 72,939 | 60,104 | 16,012 | 3,266 | 1,673 | |||||||||||
Amortized premiums & discounts related to indebtedness | - | - | - | - | - | |||||||||||
Capitalized expenses related to indebtedness | - | - | - | - | - | |||||||||||
Capitalized Interest | - | - | - | - | - | |||||||||||
Preference security dividends | - | - | - | - | - | |||||||||||
Total Fixed Charges | 72,939 | 60,104 | 16,012 | 3,266 | 1,673 | |||||||||||
Ratio of earnings to fixed charges | 0.84 | 1.06 | 1.71 | 11.81 | 4.19 | |||||||||||
Preference security dividends | - | - | - | - | - | |||||||||||
Ratio of earnings to fixed charges and preference security dividends | 0.84 | 1.06 | 1.71 | 11.81 | 4.19 |
Computation of Earnings to Fixed Charges
Years ended December 31, | ||||||||||||||||
(dollar amount in thousands) | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||
Fixed Charges: | ||||||||||||||||
+ Interest Expense | 72,939 | 60,104 | 16,013 | 3,266 | 1,673 | |||||||||||
+ Capitalized Interest | - | - | - | - | - | |||||||||||
+ Amortized premiums & discounts related to indebtedness | - | - | - | - | - | |||||||||||
+ Capitalized expenses related to indebtedness | - | - | - | - | - | |||||||||||
+ Interest within rent expense | - | - | - | - | - | |||||||||||
+ Preference security dividends | - | - | - | - | - | |||||||||||
Total Fixed Charges | 72,939 | 60,104 | 16,013 | 3,266 | 1,673 | |||||||||||
Earnings: | ||||||||||||||||
+ Pretax income from continuing operations | (23,525 | ) | (13,889 | ) | 3,688 | 13,726 | 3,750 | |||||||||
+ Fixed Charges | 72,939 | 60,104 | 16,013 | 3,266 | 1,673 | |||||||||||
+ Amortization of capitalized interest | - | - | - | - | - | |||||||||||
+ Distributed income of equity investees | 11,524 | 17,268 | 7,605 | 21,565 | 1,589 | |||||||||||
+ Pre-tax losses of equity investees | - | - | - | - | - | |||||||||||
- Interest capitalized | - | - | - | - | - | |||||||||||
- Preference security dividends of consolidated subsidiaries | - | - | - | - | - | |||||||||||
- Minority interest in pre-tax income of subs… | - | - | - | - | - | |||||||||||
Total Earnings | 60,938 | 63,483 | 27,305 | 38,557 | 7,012 | |||||||||||
Ratio of Earnings to Fixed Charges | 0.84 | 1.06 | 1.71 | 11.80 | 4.19 | |||||||||||
If ratio is less than 1, disclose dollar amount of deficiency | 12,001 | - | - | - | - |