Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | Six Months Ended June 30, | ||||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | 2008 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest expense or capitalized | $ | 16,135 | $ | 14,453 | $ | 19,463 | $ | 19,723 | $ | 19,037 | $ | 8,006 | |||||||||||
Estimate of interest within rental expense | $ | 16,033 | $ | 16,733 | $ | 15,834 | $ | 13,122 | $ | 12,228 | $ | 8,265 | |||||||||||
FIXED CHARGES | $ | 32,168 | $ | 31,186 | $ | 35,297 | $ | 32,845 | $ | 31,265 | $ | 16,271 | |||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | (7,328 | ) | $ | (50,348 | ) | $ | (14,616 | ) | $ | (49,437 | ) | $ | (52,299 | ) | $ | 23,517 | ||||||
Add back: | |||||||||||||||||||||||
Minority interest | $ | 2,459 | $ | 2,294 | $ | 1,714 | $ | 333 | $ | — | $ | — | |||||||||||
Loss from discontinued operations | $ | 13,611 | $ | 90,398 | $ | 35,947 | $ | 37,933 | $ | 31,881 | $ | 240 | |||||||||||
Fixed charges | $ | 32,168 | $ | 31,186 | $ | 35,297 | $ | 32,845 | $ | 31,265 | $ | 16,271 | |||||||||||
Income taxes | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 440 | |||||||||||
Less: | |||||||||||||||||||||||
Undistributed earnings of equity method investments | $ | 119 | $ | 5,772 | $ | 285 | $ | — | $ | — | $ | — | |||||||||||
EARNINGS | $ | 40,791 | $ | 67,758 | $ | 58,057 | $ | 21,674 | $ | 10,847 | $ | 40,468 | |||||||||||
Ratio of earnings to fixed charges | 1.3x | 2.2x | 1.6x | — | (1) | — | (1) | 2.5x | |||||||||||||||
(1) | For the years ended December 31, 2004 and 2003, we had an earnings-to-fixed charges coverage deficiency of approximately $11.2 million and $20.4 million, respectively. |