Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and
Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions
($ in thousands except ratios)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Predecessor (1) | | | | |
| | Year Ended December 31, | | | Period from January 1, 2007 through July 20, | | | Period from July 21, 2007 through December 31, | | | Year Ended December 31, | | | Three Months Ended March 31, | |
| | 2006 | | | 2007 | | | 2007 | | | 2008 | | | 2009 | | | 2010 | | | 2011 | |
Pre-tax income (loss) from continuing operations | | $ | (35,855 | ) | | $ | (26,118 | ) | | $ | 13,346 | | | $ | 18,066 | | | $ | (16,300 | ) | | $ | (23,589 | ) | | $ | 2,704 | |
Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense and amortization of debt issuance costs | | | 1,989 | | | | 1,071 | | | | 5,489 | | | | 26,951 | | | | 51,399 | | | | 48,638 | | | | 9,052 | |
Capitalized interest | | | 670 | | | | 591 | | | | — | | | | 872 | | | | — | | | | 3,802 | | | | 11 | |
Estimated interest associated with rental expense (2) | | | 440 | | | | 449 | | | | 362 | | | | 1,255 | | | | 1,526 | | | | 1,595 | | | | 1,415 | |
Total fixed charges | | | 3,099 | | | | 2,111 | | | | 5,851 | | | | 29,078 | | | | 52,925 | | | | 54,035 | | | | 10,478 | |
Preferred unit distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,243 | | | | 3,035 | |
Total combined fixed charges and preferred unit distributions | | | 3,099 | | | | 2,111 | | | | 5,851 | | | | 29,078 | | | | 52,925 | | | | 56,278 | | | | 13,513 | |
Depreciation of capitalized interest | | | 20 | | | | 16 | | | | 22 | | | | 54 | | | | 54 | | | | 54 | | | | 86 | |
Capitalized interest | | | (670 | ) | | | (591 | ) | | | — | | | | (872 | ) | | | — | | | | (3,802 | ) | | | (11 | ) |
Pre-tax income (loss) from continuing operations plus fixed charges | | $ | (33,406 | ) | | $ | (24,582 | ) | | $ | 19,219 | | | $ | 46,326 | | | $ | 36,679 | | | $ | 26,698 | | | $ | 13,257 | |
Ratio of earnings to fixed charges | | | — | | | | — | | | | 3.3 | | | | 1.6 | | | | — | | | | — | | | | 1.3 | |
Ratio of earnings to combined fixed charges and preferred unit distributions | | | — | | | | — | | | | 3.3 | | | | 1.6 | | | | — | | | | — | | | | — | |
(1) | The historical financial information for periods prior to the contribution of the assets, liabilities and operations to us on July 20, 2007 reflects the assets, liabilities and operations of our predecessor. |
(2) | Calculated as one third of rent expense, which is a reasonable approximation of the interest factor. |