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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. All dollar amounts are reported in thousands.
| | Nine months ended September 30, 2013 | | | | | | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Year ended December 31, | ||||||||||||||||||
| | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | (25,561 | ) | (6,571 | ) | (12,030 | ) | (8,314 | ) | (8,684 | ) | 2,487 | ||||||||
Add: | |||||||||||||||||||
Fixed charges | 6,073 | 4,570 | 4,508 | 5,406 | 4,183 | 5,747 | |||||||||||||
Amortization of capitalized interest | — | — | — | — | — | — | |||||||||||||
Subtract: | |||||||||||||||||||
Interest capitalized | 70 | — | — | — | — | — | |||||||||||||
Minority interest in income of subsidiaries that have not incurred fixed charges | 533 | 256 | — | — | — | — | |||||||||||||
Earnings | (20,091 | ) | (2,257 | ) | (7,522 | ) | (2,908 | ) | (4,501 | ) | 8,234 | ||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | 5,097 | 3,854 | 3,388 | 4,926 | 3,963 | 5,747 | |||||||||||||
Amortization of capitalized expenses related to indebtedness | 976 | 716 | 1,120 | 480 | 220 | — | |||||||||||||
Fixed charges | 6,073 | 4,570 | 4,508 | 5,406 | 4,183 | 5,747 | |||||||||||||
Ratio of earnings to fixed charges(1)(2) | (3.3 | ) | (0.5 | ) | (1.7 | ) | (0.5 | ) | (1.1 | ) | (1.4 | ) | |||||||
Deficiency | 26,164 | 6,827 | 12,030 | 8,314 | 8,684 | — | |||||||||||||
- (1)
- For purposes of determining the ratios of earnings to fixed charges, earnings are defined as net income from continuing operations before income taxes plus fixed charges, less capitalized interest and minority interest in income of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest, whether expensed or capitalized, and amortization of capitalized expenses related to indebtedness.
- (2)
- The deficiency for the nine months ended September 30, 2013 was $26.2 million. Deficiencies for the years ended December 31, 2012, 2011, 2010 and 2009 were $6.9 million, $12.0 million, $8.3 million and $8.7 million, respectively.
RATIO OF EARNINGS TO FIXED CHARGES