Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table contains our ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference herein.
| Six months ended June 30, 2012 | Year ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | 4,018 | (11,698 | ) | (8,644 | ) | (8,833 | ) | 2,728 | (9,046 | ) | ||||||||||||||
Add: Fixed charges | 1,582 | 4,508 | 5,406 | 4,183 | 5,747 | 8,527 | ||||||||||||||||||
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Earnings | 5,600 | (7,190 | ) | (3,238 | ) | (4,650 | ) | 8,475 | (519 | ) | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 1,298 | 3,388 | 4,926 | 3,963 | 5,747 | 8,527 | ||||||||||||||||||
Amortization of capitalized expenses related to indebtedness | 284 | 1,120 | 480 | 220 | — | — | ||||||||||||||||||
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Fixed charges | 1,582 | 4,508 | 5,406 | 4,183 | 5,747 | 8,527 | ||||||||||||||||||
Ratio of earnings to fixed charges(1)(2) | 3.5 | (1.6 | ) | (0.6 | ) | (1.1 | ) | 1.5 | (0.1 | ) | ||||||||||||||
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Deficiency | — | 11,698 | 8,644 | 8,833 | — | 9,046 | ||||||||||||||||||
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| (1) | For purposes of determining the ratios of earnings to fixed charges, earnings are defined as net income before income taxes plus fixed charges. Fixed charges consist of interest expenses and amortization of capitalized expenses related to indebtedness. |
| (2) | Deficiencies for the years ended December 31, 2011, 2010, 2009 and 2007 were $11.7 million, $8.6 million, $8.8 million and $9.0 million, respectively. |