Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
|
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| Six Months Ended June |
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Earnings: |
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Income (loss) from continuing operations before income taxes |
| (379,932 | ) | (61,698 | ) | 66,220 |
| 62,314 |
| $ | (46,587 | ) | 36,998 |
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Add: Fixed charges |
| 58,571 |
| 44,791 |
| 43,927 |
| 64,261 |
| 74,997 |
| 38,644 |
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Total adjusted earnings |
| (321,361 | ) | (16,907 | ) | 110,147 |
| 126,575 |
| 28,410 |
| 75,642 |
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Fixed Charges: |
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Interest |
| 54,355 |
| 41,029 |
| 40,654 |
| 61,123 |
| 71,399 |
| 36,255 |
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Amortization of deferred loan costs |
| 3,344 |
| 2,862 |
| 2,362 |
| 2,310 |
| 2,756 |
| 2,019 |
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Rentals at computed interest factor (1) |
| 872 |
| 900 |
| 911 |
| 828 |
| 842 |
| 370 |
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Total fixed charges |
| $ | 58,571 |
| $ | 44,791 |
| $ | 43,927 |
| $ | 64,261 |
| $ | 74,997 |
| $ | 38,644 |
|
Ratio of earnings to fixed charges |
| (2) |
| (2) |
| 2.5 |
| 2.0 |
| 0.4 |
| 2.0 |
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(1) Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.
(2) Earnings for the years ended December 31, 2008, 2009 and 2012 were insufficient to cover fixed charges by $379,932, $61,698 and 46,587, respectively.