Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousand, Except Ratios)
The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated historical basis. For 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.
RATIO OF EARNINGS TO FIXED CHARGES
|
| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 | | 2010 | | 2009 |
| | (in thousands) |
| | (Unaudited) |
| Earnings (Loss): | | | | | | | | | |
| Pre-Tax Income (Loss) | $ | (32,917 | ) | | $ | (63,968 | ) | | $ | 15,041 |
| | $ | (23,898 | ) | | $ | 663 |
|
| Fixed Charges | 26,769 |
| | 25,965 |
| | 25,752 |
| | 12,872 |
| | 3,662 |
|
| Total Earnings (Loss) | (6,148 | ) | | (38,003 | ) | | 40,793 |
| | (11,026 | ) | | 4,325 |
|
| Fixed Charges: | |
| | |
| | |
| | |
| | |
|
| Interest Expense | 20,898 |
| | 21,385 |
| | 21,334 |
| | 12,671 |
| | 2,917 |
|
| Deferred Financing Fees | 5,870 |
| | 4,580 |
| | 4,418 |
| | 201 |
| | 745 |
|
| Total Fixed Charges | 26,769 |
| | 25,965 |
| | 25,752 |
| | 12,872 |
| | 3,662 |
|
| Ratio of Earnings (Loss) to Fixed Charges | __(1) |
| | __(1) |
| | 1.58 |
| | __(1) |
| | 1.18 |
|
| |
| (1) | For the year ended December 31, 2013, 2012 and 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 $32.9 million, $64.0 and $23.9 million for the year ended December 31, 2013, 2012 and 2010. |
