Exhibit 12.1
COMPUTATION OF RATION OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
(all amounts in thousands) | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||||
Pre-tax income before minority interest and equity in earnings of partnership | a | 29,493 | 28,141 | 18,499 | 8,875 | 15,522 | 14,947 | |||||||||||||||||||||
Fixed Charges | b | 21,772 | 26,991 | 22,973 | 39,082 | 31,533 | 19,657 | |||||||||||||||||||||
Amortization of Capitalized Interest | c | 202 | 331 | 385 | 403 | 422 | 463 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Capitalized Interest | (2,483 | ) | (1,383 | ) | (259 | ) | (130 | ) | (589 | ) | (624 | ) | ||||||||||||||||
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Earnings | 48,984 | 54,080 | 41,598 | 48,230 | 46,888 | 34,443 | ||||||||||||||||||||||
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Fixed Charges Interest Expense (includes any debt amortization) | 15,125 | 21,433 | 18,995 | 33,716 | 24,518 | 15,472 | ||||||||||||||||||||||
Capitalized Interest | 2,483 | 1,383 | 259 | 130 | 589 | 624 | ||||||||||||||||||||||
Estimated interest element of rentals (1) | 4,164 | 4,175 | 3,719 | 5,236 | 6,426 | 3,561 | ||||||||||||||||||||||
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Total Fixed Charges | 21,772 | 26,991 | 22,973 | 39,082 | 31,533 | 19,657 | ||||||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 2.25 | 2.00 | 1.81 | 1.23 | 1.49 | 1.75 | ||||||||||||||||||||||
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(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |