Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | Nine months ended | |||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | September 30, 2010 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for income or loss from equity investees | $ | 22,233 | $ | (1,080 | ) | $ | 45,689 | $ | 38,632 | $ | 21,841 | $ | 17,035 | |||||||||||
Fixed charges | 23,867 | 25,236 | 26,365 | 27,478 | 31,425 | 26,497 | ||||||||||||||||||
Earnings, as adjusted | $ | 46,100 | $ | 24,156 | $ | 72,054 | $ | 66,110 | $ | 53,266 | $ | 43,532 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 19,528 | $ | 16,276 | $ | 15,261 | $ | 14,630 | $ | 15,144 | $ | 11,785 | ||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 920 | 967 | 860 | 885 | 893 | 602 | ||||||||||||||||||
Estimate of the interest within rental expense | 3,419 | 7,993 | 10,244 | 11,963 | 15,388 | 14,110 | ||||||||||||||||||
Fixed charges | $ | 23,867 | $ | 25,236 | $ | 26,365 | $ | 27,478 | $ | 31,425 | $ | 26,497 | ||||||||||||
Ratio of earnings to fixed charges | 1.9x | 1.0x | 2.7x | 2.4x | 1.7x | 1.6x | ||||||||||||||||||