Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
For the three ended March 31, 2012 and 2011.
Three Months Ended March 31, | ||||||||
2012 | 2011 | |||||||
(In thousands, except ratio computation) | ||||||||
Pretax loss from continuing operations before adjustment for noncontrolling interest | $ | (549 | ) | $ | (424 | ) | ||
Add back: | ||||||||
Fixed charges | 7,425 | 8,765 | ||||||
Distributed income of equity investees | 973 | 1,079 | ||||||
Deduct: | ||||||||
Equity in earnings of equity investees | (496 | ) | (962 | ) | ||||
Capitalized interest | (233 | ) | (102 | ) | ||||
Earnings as Defined | $ | 7,120 | $ | 8,356 | ||||
Fixed Charges | ||||||||
Interest expense including amortization of deferred financing fees | $ | 7,129 | $ | 8,583 | ||||
Capitalized interest | 233 | 102 | ||||||
Interest portion of rent expense | 63 | 80 | ||||||
Fixed Charges | 7,425 | 8,765 | ||||||
Preferred share dividends | 1,812 | - | ||||||
Combined Fixed Charges and Preferred Dividends | $ | 9,237 | $ | 8,765 | ||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | (a) | (b) |
(a) Due to the pretax loss from continuing operations for the three months ended March 31, 2012 the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $2.1 million to achieve a coverage of 1:1 for the period. |
The pretax loss from continuing operations before adjustment for noncontrolling interest for the three months ended March 31, 2012 includes an asset impairment provision of $2.5 million. |
(b) Due to the pretax loss from continuing operations for the three months ended March 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $409,000 to achieve a coverage of 1:1 for the period. |