Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
In thousands | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Earnings (loss) before tax: | ||||||||||||||||||||
Earnings (loss) before tax | $ | 8,741 | $ | 10,177 | $ | 4,751 | $ | (124,605 | ) | $ | (111,185 | ) | ||||||||
Add: Total fixed charges | 978 | 1,373 | 1,783 | 2,129 | 2,981 | |||||||||||||||
Adjusted Earnings | $ | 9,719 | $ | 11,550 | $ | 6,534 | $ | (122,476 | ) | $ | (108,204 | ) | ||||||||
Fixed Charges: | ||||||||||||||||||||
Interest | $ | 311 | $ | 629 | $ | 668 | $ | 808 | $ | 1,382 | ||||||||||
Portion of rental expense representative of the interest factor(1) | 667 | 744 | 1,115 | 1,321 | 1,599 | |||||||||||||||
Total Fixed Charges | $ | 978 | $ | 1,373 | $ | 1,783 | $ | 2,129 | $ | 2,981 | ||||||||||
Ratio of Earnings to Fixed Charges(2) | 9.94 | 8.41 | 3.66 | (3) | — | (4) | — | (5) |
(1) | For purposes of calculating fixed charges, an interest factor of one-third was applied to total rental expense. |
(2) | Adjusted earnings for the years ended December 31, 2010 and 2009 were not sufficient to provide for fixed charges. |
(3) | For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings includes a charge of $1,988 related to the withdrawal from a defined benefit plan of the former parent company. Excluding the pension charge, the adjusted earnings would have been $8,522 and the ratio of earnings to fixed charges would have been 4.8. |
(4) | For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for asset impairments of $3,404 and $132,346 related to the withdrawal from a defined benefit plan of the former parent company. Excluding the non-cash impairment and pension charges, the adjusted earnings would have been $13,274 and the ratio of earning to fixed charges would have been 6.2. |
(5) | For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for asset impairments of $106,389. Adjusted earnings are not sufficient to provide for fixed charges. |