Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
(in thousands)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES: | ||||||||||||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for income from equity investee | $ | (32,259 | ) | $ | (2,895 | ) | $ | (109,039 | ) | $ | (164,284 | ) | $ | (1,056,850 | ) | $ | 52,260 | $ | (37,042 | ) | ||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (a) | $ | 57,236 | $ | 50,727 | $ | 217,325 | $ | 203,971 | $ | 139,435 | $ | 106,798 | $ | 101,132 | ||||||||||||||
Interest portion of rent expense (b) | 3,322 | 3,165 | 12,791 | 10,585 | 9,747 | 9,316 | 8,555 | |||||||||||||||||||||
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Total fixed charges | $ | 60,558 | $ | 53,892 | $ | 230,116 | $ | 214,556 | $ | 149,182 | $ | 116,114 | $ | 109,687 | ||||||||||||||
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Total earnings (losses) | $ | 28,299 | $ | 50,997 | $ | 121,077 | $ | 50,272 | $ | (907,668 | ) | $ | 168,374 | $ | 72,645 | |||||||||||||
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Ratio of earnings to fixed charges | 0.5x | 0.9x | 0.5x | 0.2x | — | 1.4x | 0.7x | |||||||||||||||||||||
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, 2013 and 2013 and the years ended December 31, 2012, 2011, 2010 and 2008, our earnings were insufficient to fully cover our fixed charges. The amount of the coverage deficiency in such periods was $32.3 million, $2.9 million, $109.0 million, $164.3 million, $1.1 billion and $37.0 million, respectively. |