Exhibit 12.2
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)
(in thousands)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS: | ||||||||||||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for income from equity investees | 8,404 | (5,583 | ) | (38,132 | ) | (248,767 | ) | (11,750 | ) | (12,390 | ) | (14,321 | ) | |||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (a) | 17,871 | 25,651 | 101,144 | 83,025 | 26,570 | 21,795 | 22,114 | |||||||||||||||||||||
Interest portion of rent expense (b) | 2,183 | 1,798 | 8,845 | 4,351 | 2,956 | 2,504 | 1,849 | |||||||||||||||||||||
Total fixed charges | 20,054 | 27,449 | 109,989 | 87,376 | 29,526 | 24,299 | 23,963 | |||||||||||||||||||||
Preference dividends | 9,200 | — | 23,315 | — | — | — | 1,248 | |||||||||||||||||||||
Total combined fixed charges and preference dividends | 29,254 | 27,449 | 133,304 | 87,376 | 29,526 | 24,299 | 25,211 | |||||||||||||||||||||
Total earnings (loss) | 28,458 | 21,866 | 71,857 | (161,391 | ) | 17,776 | 11,909 | 9,642 | ||||||||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends | 1.0x | 0.8x | 0.5x | — | 0.6x | 0.5x | 0.4x | |||||||||||||||||||||
Ratio of coverage deficiency | (c | ) | (c | ) | (c | ) | (c | ) | (c | ) | (c | ) |
(a) | Interest expense includes the write-off and amortization of deferred financing costs and the write-off and amortization of non-cash discounts associated with our debt issuances. | |
(b) | Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals. | |
(c) | For the three months ended March 31, 2008 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, our earning were insufficient to fully cover our combined fixed charges and preference dividends. The amount of the coverage deficiency in such periods was $5.6 million, $61.4 million, $248.8 million, $11.8 million, $12.4 million and $15.6 million, respectively. |