EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Six months ended June 30, 2010 | Year ended December 31, 2009 | Period from September 19, 2008 through December 31, 2008 | Period from December 29, 2007 through September 18, 2008 | Year Ended December 28, 2007 | ||||||||||||||||
Earnings (losses): | ||||||||||||||||||||
Losses before income taxes | 19,108 | (4,478 | ) | 1,604 | (23,605 | ) | (47,583 | ) | ||||||||||||
Amortization of capitalized interest (a) | 59 | 120 | 29 | 478 | 345 | |||||||||||||||
Interest capitalized | -- | -- | -- | -- | -- | |||||||||||||||
19,167 | (4,358 | ) | 1,633 | (23,127 | ) | (47,238 | ) | |||||||||||||
Fixed Charges: | ||||||||||||||||||||
Amortization of expenses related to indebtedness (b) | 2,750 | 5,199 | 1,452 | 5,642 | 8,058 | |||||||||||||||
Interest expenses (c) | 5,241 | 11,099 | 2,698 | 8,389 | 9,730 | |||||||||||||||
Interest capitalized | -- | - | -- | -- | -- | |||||||||||||||
Total Fixed Charges | 7,991 | 16,298 | 4,150 | 14,031 | 17,788 | |||||||||||||||
Earnings (losses), as adjusted | 27,158 | 11,940 | 5,783 | (9,096 | ) | (29,450 | ) | |||||||||||||
Ratio of earnings to fixed charges | 2.40 | -- | (1) | 0.39 | -- | (2) | -- | (3) |
(1) Earnings as adjusted were inadequate to cover fixed charges by $4.4 million in 2009.
(2) Earnings as adjusted were inadequate to cover fixed charges by $23.1 million in the period from December 29, 2007 through September 18, 2008.
(3) Earnings as adjusted were inadequate to cover fixed charges by $47.2 million in 2007.
(a) | Includes amortization of deferred financing charges. |
(b) | Includes amortization of debentures discount, accretion and deferred issuance expenses. |
(c) | Includes, mainly, interest on bank loans and interest expenses in relation to convertible debentures. |