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) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 11,670 | $ | (24,107 | ) | $ | (55,268 | ) | $ | (23,525 | ) | $ | (13,889 | ) | ||||||
Fixed Charges | 14,235 | 36,260 | 52,757 | 72,939 | 60,104 | |||||||||||||||
Dividends distributed to shareholders | 7,108 | 4,101 | 1,826 | 11,524 | 17,256 | |||||||||||||||
Total Earnings | 33,013 | 16,253 | (685 | ) | 60,938 | 63,471 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense | 14,235 | 36,260 | 52,757 | 72,939 | 60,104 | |||||||||||||||
Amortized premiums & discounts related to indebtedness | — | — | — | — | — | |||||||||||||||
Capitalized expenses related to indebtedness | — | — | — | — | — | |||||||||||||||
Capitalized Interest | — | — | — | — | — | |||||||||||||||
Preference security dividends | — | — | — | — | — | |||||||||||||||
Total Fixed Charges | $ | 14,235 | $ | 36,260 | $ | 52,757 | $ | 72,939 | $ | 60,104 | ||||||||||
Ratio of earnings to fixed charges | 2.32 | 0.45 | (0.01 | ) | 0.84 | 1.06 | ||||||||||||||
Preference security dividends | — | — | — | — | — | |||||||||||||||
Ratio of earnings to fixed charges and preference security dividends | 2.32 | 0.45 | (0.01 | ) | 0.84 | 1.06 |
Computation of Earnings to Fixed Charges
Years ended December 31, | ||||||||||||||||||||
(dollar amount in thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
+ Interest Expense | $ | 14,235 | $ | 36,260 | $ | 52,757 | $ | 72,939 | $ | 60,104 | ||||||||||
+ Capitalized Interest | — | — | — | — | — | |||||||||||||||
+ Amortized premiums & discounts related to indebtedness | — | — | — | — | — | |||||||||||||||
+ Capitalized expenses related to indebtedness | — | — | — | — | — | |||||||||||||||
+ Interest within rent expense | — | — | — | — | — | |||||||||||||||
+ Preference security dividends | — | — | — | — | — | |||||||||||||||
Total Fixed Charges | 14,235 | 36,260 | 52,757 | 72,939 | 60,104 | |||||||||||||||
Earnings: | ||||||||||||||||||||
+ Pretax income from continuing operations | 11,670 | (24,107 | ) | (55,268 | ) | (23,525 | ) | (13,889 | ) | |||||||||||
+ Fixed Charges | 14,235 | 36,260 | 52,757 | 72,939 | 60,104 | |||||||||||||||
+ Amortization of capitalized interest | — | — | — | - | — | |||||||||||||||
+ Dividends distributed to shareholders | 7,108 | 4,101 | 1,826 | 11,524 | 17,256 | |||||||||||||||
+ Pre-tax losses of equity investees | — | — | — | — | — | |||||||||||||||
- Interest capitalized | — | — | — | — | — | |||||||||||||||
- Preference security dividends of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
- Minority interest in pre-tax income of subs… | — | — | — | — | — | |||||||||||||||
Total Earnings | $ | 33,013 | $ | 16,254 | $ | (685 | ) | $ | 60,938 | $ | 63,471 | |||||||||
Ratio of Earnings to Fixed Charges | 2.32 | 0.45 | 0.45 | 0.84 | 1.06 | |||||||||||||||
If ratio is less than 1, disclose dollar amount of deficiency | — | 20,006 | 53,442 | 12,001 | — |