Exhibit 12.1
STATEMENT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
Three Months Ended March 31, | Three Months Ended March 31, | Year Ended December 31, | |||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||
(unaudited) | (unaudited) | ||||||||||||
Consolidated income (loss) before income tax and non controling interest | (3,933) | (12,399) | (65,733) | (19,972) | 1,958 | (32,442) | 61,026 | ||||||
Income (loss) from discontinued operations | - | - | - | - | (515) | (2,131) | (16,448) | ||||||
Investment in affiliates | 195 | 313 | 1,175 | 1,073 | 341 | 28 | 442 | ||||||
Interest expense continuing operations | 7,336 | 8,418 | 33,576 | 33,103 | 24,585 | 23,222 | 24,393 | ||||||
Amortization of capitalized interest | |||||||||||||
Amortization of debt issue costs | 603 | 919 | 2,217 | 2,323 | 1,340 | 1,026 | 735 | ||||||
Interest expense discontinued operations | - | - | - | - | 5 | 10 | 212 | ||||||
Earnings | 4,201 | (2,749) | (28,765) | 16,527 | 27,714 | (10,287) | 70,360 | ||||||
Interest expenses continuing operations | 7,336 | 8,418 | 33,576 | 33,103 | 24,585 | 23,222 | 24,393 | ||||||
Interest expenses discontinued operations | - | - | - | - | 5 | 10 | 212 | ||||||
Amortization of debt issue | 603 | 919 | 2,217 | 2,323 | 1,340 | 1,026 | 735 | ||||||
Capitalized interest | - | - | - | - | 1,010 | 2,354 | 3,230 | ||||||
Fixed charges | 7,939 | 9,337 | 35,793 | 35,426 | 26,940 | 26,612 | 28,570 | ||||||
Ratio of earnings to fixed charges | - | (1) | - | (1) | - | (1) | - | (1) | 1.0 | - | (1) | 2.5 | |
Dollar amount of deficiency in earnings to fixed charges | 3,738 | (1) | 12,086 | (1) | 64,558 | (1) | 18,899 | (1) | 36,899 | (1) |
(1) In this fiscal year the earnings were inadequate to cover fixed charges.