EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the year ended December 31, | | | | Nine months Ended
September 30, | | | | Twelve Months
Ended |
| | | 2003 | | 2004 | | 2005 | | 2006 | | 2007 | | 2008 | | | | 2008 | | 2009 | | | | Sept 30, 2009 |
| | | | | | | | | | | |
Income/(loss) from continuing operations | | $ | (68,020) | | $ | (10,373) | | $ | 12,219 | | $ | 18,002 | | $ | (9,642) | | $ | 17,052 | | | | $ | (948) | | $ | (148,152) | | | | $ | (130,152) |
Total fixed charges | | | 36,163 | | | 24,376 | | | 29,034 | | | 34,575 | | | 39,181 | | | 45,099 | | | | | 33,900 | | | 25,536 | | | | | 36,735 |
| | | (31,857) | | | 14,003 | | | 41,253 | | | 52,577 | | | 29,539 | | | 62,151 | | | | | 32,952 | | | (122,616) | | | | | (93,417) |
| | | | | | | | | | | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating lease expense | | $ | 5,353 | | $ | 6,100 | | $ | 6,232 | | $ | 10,860 | | $ | 23,516 | | $ | 28,658 | | | | $ | 22,963 | | $ | 16,669 | | | | $ | 22,364 |
| | | | | | | | | | | |
Factored at one-third | | $ | 1,784 | | $ | 2,033 | | $ | 2,077 | | $ | 3,620 | | $ | 7,839 | | $ | 9,553 | | | | $ | 7,654 | | $ | 5,556 | | | | $ | 7,455 |
Preferred stock dividends | | | 4,395 | | | - | | | - | | | - | | | - | | | - | | | | | - | | | - | | | | | - |
Interest expense | | | 29,984 | | | 22,343 | | | 26,957 | | | 30,955 | | | 31,342 | | | 35,546 | | | | | 26,246 | | | 19,980 | | | | | 29,280 |
Total fixed charges | | $ | 36,163 | | $ | 24,376 | | $ | 29,034 | | $ | 34,575 | | $ | 39,181 | | $ | 45,099 | | | | $ | 33,900 | | $ | 25,536 | | | | $ | 36,735 |
Ratio of earnings to fixed charges | | | (0.9) | | | 0.6 | | | 1.4 | | | 1.5 | | | 0.8 | | | 1.4 | | | | | 1.0 | | | (4.8) | | | | | (2.5) |
| | | | | | | | | | | |
(Deficiency)/surplus in fixed charge coverage ratio | | $ | (68,020) | | $ | (10,373) | | $ | 12,219 | | $ | 18,002 | | $ | (9,642) | | $ | 17,052 | | | | $ | (948) | | $ | (148,152) | | | | $ | (130,152) |
For the nine months ended September 30, 2009 and 2008 earnings were insufficient to cover fixed charges by approximately $148.2 million and $0.9 million, respectively.
