Exhibit 12.2
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)
(in thousands)
| For the Years Ended December 31, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS: | ||||||||||||||||||||
| Pre-tax (loss) income from continuing operations before adjustment for income from equity investees | 42,260 | (37,042 | ) | (248,419 | ) | (8,211 | ) | (11,299 | ) | |||||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense (a) | 106,733 | 101,144 | 83,025 | 26,570 | 21,795 | |||||||||||||||
| Interest portion of rent expense (b) | 9,316 | 8,555 | 4,064 | 2,956 | 2,504 | |||||||||||||||
| Total fixed charges | 116,049 | 109,699 | 87,089 | 29,526 | 24,299 | |||||||||||||||
| Preference dividends | 38,287 | 23,315 | — | — | — | |||||||||||||||
| Total combined fixed charges and preference dividends | 154,336 | 133,014 | 87,089 | 29,526 | 24,299 | |||||||||||||||
| Total earnings (loss) | 158,309 | 72,657 | (161,330 | ) | 21,315 | 13,000 | ||||||||||||||
| Ratio of earnings to combined fixed charges and preference dividends | 1.0x | 0.5x | — | 0.7x | 0.5x | |||||||||||||||
| Ratio of coverage deficiency | (c | ) | (c | ) | (c | ) | (c | ) | ||||||||||||
| (a) | Interest expense includes the write-off and amortization of deferred financing costs and the write-off and amortization of non-cash discounts associated with our debt issuances. | |
| (b) | Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals. | |
| (c) | Due to the loss from continuing operations for the years ended December 31, 2008, 2007, 2006 and 2005, there were insufficient earnings of $37.0 million, $248.4 million, $8.2 million and $11.3 million, respectively, to cover combined fixed charges and preference dividends. |