EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| For Year Ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| Earnings: | (Predecessor) | |||||||||||||||||||
Income before income taxes | $ | 30,148 | $ | 117,625 | $ | 1,867 | $ | 2,363 | $ | 20,820 | ||||||||||
Fixed charges | 8,984 | 7,652 | 4,774 | 3,312 | 3,552 | |||||||||||||||
Net loss (income) attributable to noncontrolling interest | (104 | ) | 146 | 8 | — | — | ||||||||||||||
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Total earnings | $ | 39,028 | $ | 125,423 | $ | 6,649 | $ | 5,675 | $ | 24,372 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 7,249 | $ | 5,870 | $ | 2,702 | $ | 3,138 | $ | 3,441 | ||||||||||
Amortization of investment premium | 194 | 606 | 907 | — | — | |||||||||||||||
Amortization of deferred financing costs | 995 | 872 | 981 | 109 | 26 | |||||||||||||||
Estimate of the interest within rental expense (33.33%) | 546 | 304 | 184 | 65 | 85 | |||||||||||||||
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Total fixed charges | 8,984 | 7,652 | 4,774 | 3,312 | 3,552 | |||||||||||||||
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Ratio of earnings to fixed charges | 4.3x | 16.4x | 1.4x | 1.7x | 6.9x | |||||||||||||||
For the purpose of computing the ratio of earnings to fixed charges, the term “earnings” is the amount resulting from adding and subtracting the following items (as applicable to the registrant). Add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.
The term “fixed charges” means the sum of the following (as applicable to the registrant): (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preference security dividend requirements of consolidated subsidiaries.
