Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands)
Successor | Predecesor | |||||||||||||||||||||||||||||||||
Three months ended March 31, | Year ended December 31, 2011 | Three months ended December 31, 2010 | Nine months ended September 30, 2010 | Years Ended December 31, | ||||||||||||||||||||||||||||||
2012 | 2011 | 2009 | 2008 | 2007 | ||||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 4,585 | $ | (5,275 | ) | $ | (5,050 | ) | $ | (178 | ) | $ | 60,185 | $ | 88,497 | $ | 73,450 | $ | 47,920 | |||||||||||||||
Less: Earnings from equity method investment | (66 | ) | — | (833 | ) | — | (2,270 | ) | (3,508 | ) | (4,229 | ) | (2,799 | ) | ||||||||||||||||||||
Plus: Dividends from equity method investees | — | — | 1,467 | — | 68 | 2,195 | 2,400 | 2,490 | ||||||||||||||||||||||||||
Fixed charges | 12,018 | 14,805 | 51,951 | 14,205 | 2,285 | 2,781 | 2,808 | 2,981 | ||||||||||||||||||||||||||
Less: Capitalized interest | (96 | ) | — | (433 | ) | — | — | — | — | — | ||||||||||||||||||||||||
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Earnings adjusted for fixed charges | $ | 16,441 | $ | 9,530 | $ | 47,102 | $ | 14,027 | $ | 60,268 | $ | 89,965 | $ | 74,429 | $ | 50,592 | ||||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||||||||
Interest expense | $ | 11,272 | $ | 14,122 | $ | 48,856 | $ | 13,436 | $ | 70 | $ | 91 | $ | 170 | $ | 376 | ||||||||||||||||||
Capitalized interest | 96 | — | 433 | — | — | — | — | — | ||||||||||||||||||||||||||
Interest component of rent expense(A) | 650 | 683 | 2,662 | 769 | 2,215 | 2,690 | 2,638 | 2,605 | ||||||||||||||||||||||||||
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Total fixed charges | $ | 12,018 | $ | 14,805 | $ | 51,951 | $ | 14,205 | $ | 2,285 | $ | 2,781 | $ | 2,808 | $ | 2,981 | ||||||||||||||||||
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Ratio of earnings to fixed charges | 1.37 | (B | ) | (B | ) | (B | ) | 26.38 | 32.34 | 26.51 | 16.97 | |||||||||||||||||||||||
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(A) | One-third of rent expense is deemed to be representative of interest. |
(B) | Our earnings were not sufficient to cover fixed charges by $5.3 million, $4.8 million and $0.2 million for the three months ended March 31, 2011, for the year ended December 31, 2011 and for the three months ended December 31, 2010, respectively. |