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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
| Year Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
Earnings: | ||||||||||||||||
Income before provision for income taxes | $ | (21,345 | ) | $ | (1,257 | ) | $ | 82 | $ | 31,803 | $ | 23,270 | ||||
Add (deduct): | ||||||||||||||||
Equity in net earnings of unconsolidated businesses | (8,166 | ) | (8,569 | ) | (10,466 | ) | (3,974 | ) | (1,574 | ) | ||||||
Fixed charges | 36,374 | 31,373 | 30,843 | 15,662 | 14,911 | |||||||||||
Distributed income of unconsolidated businesses | 9,297 | 11,294 | 11,590 | 4,427 | 2,826 | |||||||||||
| | | | | | | | | | | | | | | | |
Total earnings before income taxes and fixed charges | $ | 16,160 | $ | 32,841 | $ | 32,049 | $ | 47,918 | $ | 39,433 | ||||||
| | | | | | | | | | | | | | | | |
Fixed charges: | ||||||||||||||||
Interest on borrowings | $ | 30,297 | $ | 26,885 | $ | 25,759 | $ | 11,063 | $ | 10,540 | ||||||
Interest component of rent expense(1) | 6,077 | 4,488 | 5,084 | 4,599 | 4,371 | |||||||||||
| | | | | | | | | | | | | | | | |
Total fixed charges | $ | 36,374 | $ | 31,373 | $ | 30,843 | $ | 15,662 | $ | 14,911 | ||||||
| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | 0.4x | (2) | 1.0x | 1.0x | 3.1x | 2.6x | ||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
- (1)
- Amount represents those portions of rent expense that are reasonable approximations of interest costs.
- (2)
- Additional pre-tax income of $20,214 is required to achieve a ratio of 1:1 in 2013.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)