Exhibit 12.1
Ratio of Earnings to Fixed Charges
For the purpose of calculating the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes, plus fixed charges, excluding capitalized interest, plus amortization of capitalized interest. Fixed charges are defined as interest expensed and capitalized, plus amortization of premiums, discounts and capitalized expenses related to indebtedness, plus an estimate of the interest within rental expense.
Six Months Ended June 30, | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||
Income before income taxes and discontinued operations | $ | 57,847 | $ | 20,397 | $ | 19,584 | $ | 10,938 | $ | 26,882 | $ | 6,934 | ||||||||||||
Addback fixed charges | 9,203 | 23,831 | 49,775 | 49,162 | 52,250 | 27,352 | ||||||||||||||||||
Total earnings | $ | 67,050 | $ | 44,228 | $ | 69,359 | $ | 60,100 | $ | 79,132 | $ | 34,286 | ||||||||||||
Interest expense | $ | 7,202 | $ | 20,006 | $ | 43,415 | $ | 44,958 | $ | 48,037 | $ | 25,386 | ||||||||||||
Rent expense equivalent to interest expense | 1,495 | 1,631 | 1,883 | 2,200 | 2,209 | 1,105 | ||||||||||||||||||
Amortization of deferred financing costs | 506 | 2,194 | 4,477 | 2,004 | 2,004 | 861 | ||||||||||||||||||
Total fixed charges | $ | 9,203 | $ | 23,831 | $ | 49,775 | $ | 49,162 | $ | 52,250 | $ | 27,352 | ||||||||||||
Ratio of historical earnings to fixed charges | 7.29x | 1.86x | 1.39x | 1.22x | 1.51x | 1.25x |