Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Year Ended | ||||||||||||||||||||||||
December 31 2008 | December 31 2009 | December 31 2010 | December 31 2011 | December 31, 2012 | ||||||||||||||||||||
(actual) | (pro forma) (A) | |||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pre-tax income | 69,397 | (18,121 | ) | (40,380 | ) | 12,141 | 44,448 | 36,902 | ||||||||||||||||
Fixed charges | 42,193 | 35,756 | 33,284 | 32,988 | 39,818 | 47,364 | ||||||||||||||||||
Capitalized interest amortization | — | — | 88 | 88 | 88 | 88 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | — | 442 | 176 | 128 | 196 | 196 | ||||||||||||||||||
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Total earnings | 111,590 | 17,193 | (7,184 | ) | 45,089 | 84,158 | 84,158 | |||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | 38,255 | 31,339 | 29,076 | 28,727 | 35,541 | 43,087 | ||||||||||||||||||
Interest capitalized | — | 442 | 176 | 128 | 196 | 196 | ||||||||||||||||||
Portion of rent estimated to represent the interest factor | 3,938 | 3,975 | 4,032 | 4,133 | 4,081 | 4,081 | ||||||||||||||||||
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Total fixed charges | 42,193 | 35,756 | 33,284 | 32,988 | 39,818 | 47,364 | ||||||||||||||||||
Ratio (B) | 2.64 | — | — | 1.37 | 2.11 | 1.78 |
(A) | The pro forma ratio of earnings to fixed charges was calculated as if the issuance of the $100 aggregate principal amount of the add-on notes had closed on January 1, 2012. This would have resulted in additional interest expense of $7.5 million in 2012 on a pro forma basis. |
(B) | Due to the registrant’s loss, the ratio coverage was less than 1:1 in 2009 and 2010. To achieve a coverage ratio of 1:1, the registrant would need additional pre-tax earnings of $17,679 and $40,116 in 2009 and 2010, respectively. |