Exhibit 12.1
Statement Regarding Computation
of Ratio of Earnings to Fixed Charges
|
| Three |
| Year Ended December 31, |
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|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| ||||||
|
| (in thousands) |
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Earnings |
|
|
| ||||||||||||||||
Income (loss) from continuing operations before taxes |
| $ | 15,573 |
| $ | 112,508 |
| $ | 74,562 |
| $ | 27,499 |
| $ | 10,421 |
| $ | (130,234 | ) |
Plus: Fixed charges |
| 10,036 |
| 23,811 |
| 5,156 |
| 4,626 |
| 26,920 |
| 24,545 |
| ||||||
Earnings, as defined |
| $ | 25,609 |
| $ | 136,319 |
| $ | 79,718 |
| $ | 32,125 |
| $ | 37,341 |
| $ | (105,689 | ) |
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 9,335 |
| $ | 21,972 |
| $ | 4,133 |
| $ | 4,017 |
| $ | 26,920 |
| $ | 24,545 |
|
Estimate of interest within rental expense |
| 701 |
| 1,839 |
| 1,023 |
| 609 |
| — |
| — |
| ||||||
Fixed charges, as defined |
| $ | 10,036 |
| $ | 23,811 |
| $ | 5,156 |
| $ | 4,626 |
| $ | 26,920 |
| $ | 24,545 |
|
Ratio of earnings to fixed charges |
| 2.6x |
| 5.7x |
| 15.5x |
| 6.9x |
| 1.4x |
| — | (1) | ||||||
(1) For the year ended December 31, 2009, earnings were inadequate to cover charges and the ratio of earnings to fixed charges therefor has not been presented for that period. The coverage deficiency necessary for the ratio of earnings to fixed charges to equal 1.00x (one-to-one coverage) was $130.2 million for the year ended December 31, 2009.