Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges | Year Ended December 31, | ||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Fixed Charges : | |||||||||||||||||||
Interest expense, capitalized leases and amortization of debt discount and expense | $ | 17,721 | $ | 16,135 | $ | 14,453 | $ | 19,463 | $ | 19,723 | |||||||||
Estimate of interest within rental expense | 19,207 | 16,033 | 16,733 | 15,834 | 13,122 | ||||||||||||||
Total Fixed Charges | $ | 36,928 | $ | 32,168 | $ | 31,186 | $ | 35,297 | $ | 32,845 | |||||||||
Earnings : | |||||||||||||||||||
Consolidated net income | $ | 65,788 | $ | (7,328 | ) | $ | (50,348 | ) | $ | (14,616 | ) | $ | (49,437 | ) | |||||
Addback: | |||||||||||||||||||
Minority interest | $ | — | $ | 2,459 | $ | 2,294 | $ | 1,714 | $ | 333 | |||||||||
Loss from discontinued operations | 814 | 13,611 | 90,398 | 35,947 | 37,933 | ||||||||||||||
Consolidated provision for income taxes | 870 | — | — | — | — | ||||||||||||||
Fixed charges less interest capitalized | 36,928 | 32,168 | 31,186 | 35,297 | 32,845 | ||||||||||||||
Subtotal Earnings | $ | 104,400 | $ | 40,910 | $ | 73,530 | $ | 58,342 | $ | 21,674 | |||||||||
Less : Undistributed earning of less-than-50% owned affiliates | — | 119 | 5,772 | 285 | — | ||||||||||||||
Total Earnings | $ | 104,400 | $ | 40,791 | $ | 67,758 | $ | 58,057 | $ | 21,674 | |||||||||
Ratio of Earnings to Fixed Charges | 2.8x | 1.3x | 2.2x | 1.6x | — (1) | ||||||||||||||
(1) | For the year ended December 31, 2004 we had an earnings-to-fixed charges coverage deficiency of approximately $11.2 million. |