Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Years Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings (loss) before tax | ||||||||||||||||||||
Earnings (loss) before tax | $ | (5,922 | ) | $ | (131,810 | ) | $ | (120,370 | ) | $ | (65,377 | ) | $ | (348,499 | ) | |||||
Add: Total fixed charges | 1,806 | 2,285 | 3,453 | 6,289 | 36,331 | |||||||||||||||
Less: Capitalized interest | — | — | — | 69 | 451 | |||||||||||||||
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Adjusted Earnings | $ | (4,116 | ) | $ | (129,525 | ) | $ | (116,917 | ) | $ | (59,157 | ) | $ | (312,619 | ) | |||||
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Fixed Charges: | ||||||||||||||||||||
Interest | $ | 669 | $ | 808 | $ | 1,382 | $ | 4,028 | $ | 34,834 | ||||||||||
Portion of rental expense representative of the interest factor(1) | 1,137 | 1,477 | 2,071 | 2,261 | 1,497 | |||||||||||||||
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Total Fixed Charges | $ | 1,806 | $ | 2,285 | $ | 3,453 | $ | 6,289 | $ | 36,331 | ||||||||||
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Ratio of Earnings to Fixed Charges | — | (2)(3) | — | (2)(4) | — | (2)(5) | — | (2)(6) | — | |||||||||||
| (1) | For purposes of calculating fixed charges, an interest factor of one-third was applied to total rental expense for the periods indicated. |
| (2) | Adjusted earnings are not sufficient to provide for fixed charges. |
| (3) | Adjusted earnings are not sufficient to provide for fixed charges. For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include non-cash charges for asset impairments of $6,500 and $1,988 related to the withdrawal from a multi-employer pension plan. Excluding the non-cash impairment and pension charges, the adjusted earnings would have been $4,372 and the ratio of earnings to fixed charges would have been 2.42. |
| (4) | Adjusted earnings are not sufficient to provide for fixed charges. For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include non-cash charges for asset impairments of $3,404 and $132,346 related to the withdrawal from a multi-employer pension plan. |
| (5) | Excluding the non-cash impairment and pension charges, the adjusted earnings would have been $6,225 and the ratio of earnings to fixed charges would have been 2.72. |
| (6) | Adjusted earnings are not sufficient to provide for fixed charges. For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for asset impairments of $106,389. Excluding the non-cash asset impairment charges, the adjusted earnings would be $(10,528) and the ratio of earnings to fixed charges would be (3.05). |
| (7) | Adjusted earnings are not sufficient to provide for fixed charges. For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for goodwill impairment of $14,145 and an asset impairment of $4,535. |
| (8) | Excluding the non-cash charges, the adjusted earnings would be $(40,477) and the ratio of earnings to fixed charges would be (6.44). |