Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands, Except Ratios)
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For the purposes of computing the ratio of earnings (loss) to fixed charges, “earnings (loss)” is defined as pre-tax income (loss) plus fixed charges. “Fixed charges” consist of interest expense and amortization of deferred financing fees.
| Three Months Ended March 31, 2011 | Year Ended December 31, | Period from Inception (January 29, 2008) through December 31, 2008 | ||||||||||||||
| 2010 | 2009 | |||||||||||||||
(in thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Earnings (Loss): | ||||||||||||||||
Pre-Tax Income (Loss) | $ | (24,119 | ) | $ | (23,898 | ) | $ | 663 | $ | 4,233 | ||||||
Fixed Charges | 5,793 | 12,872 | 3,662 | 1,150 | ||||||||||||
Total Earnings (Loss) | (18,326 | ) | (11,026 | ) | 4,326 | 5,383 | ||||||||||
Fixed Charges: | ||||||||||||||||
Interest Expense | 5,205 | 12,671 | 2,917 | 872 | ||||||||||||
Deferred Financing Fees | 588 | 201 | 745 | 278 | ||||||||||||
Total Fixed Charges | 5,793 | 12,872 | 3,662 | 1,150 | ||||||||||||
Ratio of Earnings (Loss) to Fixed Charges | — | (1) | — | (1) | 1.18 | 4.68 | ||||||||||
(1) For the three months ended March 31, 2011 and for the year ended December 31, 2010, earnings were inadequate to cover fixed charges. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $24.1 million and $23.9 million for the three months ended March 31, 2011 and for the year ended December 31, 2010, respectively.