Computation of Ratio of Earnings to Fixed Charges
The following table sets forth the Company's historical ratios of earnings to fixed charges for the periods indicated. The historical ratios are prepared on a consolidated basis in accordance with U.S. GAAP.
Earnings (loss) before fixed charges consist of: (1) income (loss) before income tax (expense) benefit; and (2) fixed charges. Interest and other debt expense primarily consists of: (1) interest and fees incurred related to various debt and commodity hedging agreements; (2) the impact of changes in the market value of interest rate swaps; (3) amortization of original issue discount on Original Notes and Floating Rate Notes; and (4) amortization of deferred financing costs associated with various debt, commodity and commodity hedging agreements.
| | Three Months Ended September 30, | Fiscal Year Ended June 30, | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||
| | ($ in thousands) | |||||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||
Income (loss) before income taxes | $ | (23,431 | ) | $ | 26,197 | $ | (127,450 | ) | $ | 41,948 | $ | (22,293 | ) | $ | (66,783 | ) | ||||
Interest and other debt expense | 6,743 | 35,253 | 45,735 | 37,911 | 37,316 | 4,261 | ||||||||||||||
Estimated interest portion of rental expense(1) | 71 | 422 | 450 | 445 | 514 | 175 | ||||||||||||||
Earnings (loss) before fixed charges | $ | (16,617 | ) | $ | 61,872 | $ | (81,265 | ) | $ | 80,304 | $ | 15,537 | $ | (62,347 | ) | |||||
Fixed charges: | ||||||||||||||||||||
Interest and other debt expense | $ | 6,743 | $ | 35,253 | $ | 45,735 | $ | 37,911 | $ | 37,316 | $ | 4,261 | ||||||||
Estimated interest portion of rental expense(1) | 71 | 422 | 450 | 445 | 514 | 175 | ||||||||||||||
Total fixed charges | $ | 6,814 | $ | 35,675 | $ | 46,185 | $ | 38,356 | $ | 37,830 | $ | 4,436 | ||||||||
Ratio of earnings to fixed charges(2) | — | 1.73x | — | 2.09x | — | — | ||||||||||||||
