EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Unaudited (dollars in thousands) | Year ended December 31, | |||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||
COMPUTATION OF EARNINGS | ||||||||||
Income (loss) from continuing operations before income taxes and fixed charges | $ | 17,933 | $ | 27,141 | $ | (44,741) | $ | (48,317) | $ | (49,010) |
Add: | ||||||||||
Fixed charges | 1,121 | 3,738 | 14,377 | 16,164 | 20,073 | |||||
Subtract: | ||||||||||
Minority interest in pretax income of subsidiaries that have not incurred fixed charges | - | 916 | - | - | - | |||||
Earnings (loss), as defined | $ | 19,054 | $ | 29,963 | $ | (30,364) | $ | (32,153) | $ | (28,937) |
COMPUTATION OF FIXED CHARGES AND PREFFERED STOCK DIVIDENDS: | ||||||||||
Interest expense (no capitalized interest) | $ | 1,005 | $ | 3,501 | $ 13,894 | $ | 15,524 | $ | 19,399 | |
Estimate of interest within rental expense (1) | 116 | 237 | 483 | 640 | 674 | |||||
Fixed charges, as defined | 1,121 | 3,738 | 14,377 | 16,164 | 20,073 | |||||
Dividends on preferred stock and accretion of discount (2) | - | - | - | 2,231 | 6,543 | |||||
Combined fixed charges, preferred stock dividends and accretion of discount | $ | 1,121 | $ | 3,738 | $ | 14,377 | $ | 18,395 | $ | 26,616 |
Ratio of earnings to fixed charges | 17.00 | 8.02 | N/A | N/A | N/A | |||||
Deficiency of earnings to cover fixed charges | N/A | N/A | $ | (44,741) | $ | (48,317) | $ | (49,010) | ||
Ratio of earnings to fixed charges and preferred stock dividends | 17.00 | 8.02 | N/A | N/A | N/A | |||||
Deficiency of earnings to cover combined fixed charges and preferred stock dividends | N/A | N/A | $ | (44,741) | $ | (50,548) | $ | (55,553) | ||
(1) One third of rental expense is deemed to be representative of interest. (2) Amount has not been grossed up to a pre-tax amount due to a negative effective tax rate. |