Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERED STOCK DIVIDENDS
Year Ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax loss before income or loss from equity investees | $ | (6,068 | ) | $ | (588,542 | ) | $ | (20,291 | ) | $ | (74,368 | ) | $ | (46,020 | ) | |||||
Fixed charges | 6,548 | 5,246 | 28,112 | 37,014 | 30,703 | |||||||||||||||
Total earnings | $ | 480 | $ | (583,296 | ) | $ | 7,821 | $ | (37,354 | ) | $ | (15,317 | ) | |||||||
Fixed Charges and Preferred Dividends: | ||||||||||||||||||||
Interest expense | $ | 1,784 | $ | 2,620 | $ | 26,739 | $ | 33,433 | $ | 28,723 | ||||||||||
Portion of rentals representative of interest factor (1) | 927 | 2,156 | 1,373 | 3,581 | 1,980 | |||||||||||||||
Preferred stockholder dividends (2) | 3,837 | 470 | — | — | — | |||||||||||||||
Total fixed charges | $ | 6,548 | $ | 5,246 | $ | 28,112 | $ | 37,014 | $ | 30,703 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | * | * | * | * | * |
* | Calculation not meaningful as ratio is less than 1. For the years ended December 31, 2009, 2008, 2007, 2006 and 2005, our earnings were insufficient to cover our combined fixed charges and preferred stock dividends by approximately $6.1 million, $588.5 million, $20.3 million, $74.4 million and $46.0 million, respectively. |
(1) | The interest factor in rent expense is estimated as one-third of rental expense. |
(2) | Calculated based on the pre-tax earnings required to cover preferred stockholder dividends accrued during each respective period. |