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) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
Earnings: | ||||||||||||||||
Pretax income (loss) from continuing operations | $ | (55,268 | ) | $ | (23,525 | ) | $ | (13,889 | ) | $ | 3,688 | $ | 13,726 | |||
Fixed Charges | 52,757 | 72,939 | 60,104 | 16,012 | 3,266 | |||||||||||
Dividends distributed to shareholders | 1,826 | 11,524 | 17,256 | 7,605 | 21,565 | |||||||||||
Total Earnings | (685 | ) | 60,938 | 63,471 | 27,305 | 38,557 | ||||||||||
Fixed Charges: | ||||||||||||||||
Interest Expense | 52,757 | 72,939 | 60,104 | 16,012 | 3,266 | |||||||||||
Amortized premiums & discounts related to indebtedness | - | - | - | - | - | |||||||||||
Capitalized expenses related to indebtedness | - | - | - | - | - | |||||||||||
Capitalized Interest | - | - | - | - | - | |||||||||||
Preference security dividends | - | - | - | - | - | |||||||||||
Total Fixed Charges | $ | 52,757 | $ | 72,939 | $ | 60,104 | $ | 16,012 | $ | 3,266 | ||||||
Ratio of earnings to fixed charges | $ | (0.01 | ) | $ | 0.84 | $ | 1.06 | $ | 1.71 | $ | 11.81 | |||||
Preference security dividends | - | - | - | - | - | |||||||||||
Ratio of earnings to fixed charges and preference security dividends | (0.01 | ) | 0.84 | 1.06 | 1.71 | 11.81 |
Computation of Earnings to Fixed Charges
Years ended December 31, | ||||||||||||||||
(dollar amount in thousands) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||
Fixed Charges: | ||||||||||||||||
+ Interest Expense | $ | 52,757 | $ | 72,939 | $ | 60,104 | $ | 16,013 | $ | 3,266 | ||||||
+ Capitalized Interest | - | - | - | - | - | |||||||||||
+ Amortized premiums & discounts related to indebtedness | - | - | - | - | - | |||||||||||
+ Capitalized expenses related to indebtedness | - | - | - | - | - | |||||||||||
+ Interest within rent expense | - | - | - | - | - | |||||||||||
+ Preference security dividends | - | - | - | - | - | |||||||||||
Total Fixed Charges | 52,757 | 72,939 | 60,104 | 16,013 | 3,266 | |||||||||||
Earnings: | ||||||||||||||||
+ Pretax income from continuing operations | (55,268 | ) | (23,525 | ) | (13,889 | ) | 3,688 | 13,726 | ||||||||
+ Fixed Charges | 52,757 | 72,939 | 60,104 | 16,013 | 3,266 | |||||||||||
+ Amortization of capitalized interest | - | - | - | - | - | |||||||||||
+ Dividends distributed to shareholders | 1,826 | 11,524 | 17,256 | 7,605 | 21,565 | |||||||||||
+ Pre-tax losses of equity investees | - | - | - | - | - | |||||||||||
- Interest capitalized | - | - | - | - | - | |||||||||||
- Preference security dividends of consolidated subsidiaries | - | - | - | - | - | |||||||||||
- Minority interest in pre-tax income of subs… | - | - | - | - | - | |||||||||||
Total Earnings | $ | (685 | ) | $ | 60,938 | $ | 63,471 | $ | 27,306 | $ | 38,557 | |||||
Ratio of Earnings to Fixed Charges | (0.01 | ) | 0.84 | 1.06 | 1.71 | 11.80 | ||||||||||
If ratio is less than 1, disclose dollar amount of deficiency | 53,442 | 12,001 | - | - | - |