Year ended December 31,

2005

2006

2007

2008

2009

(Dollars in thousands, except ratios)

(Loss)/earnings before income taxes

$

34,694

$

35,515

$

52,318

$

(13,509

)

$

(12,427

)

Distributed interest from unconsolidated companies

4,021

7,169

7,476

6,240

—

Add back dividends received

624

—

1,763

3,840

3,790

Impairments on equity method investment

—

—

—

22,992

—

Total earnings before income taxes

$

39,339

$

42,684

$

61,557

$

19,563

$

(8,637

)

Fixed charges:

Interest

$

27,157

$

37,064

$

46,077

$

53,192

$

34,088

Amortization of finance costs

2,622

5,308

2,905

2,837

3,427

Interest on guaranteed indebtedness

—

—

—

—

—

Total interest

29,779

42,372

48,982

56,029

37,515

Interest factor of rent expense

582

640

1,366

2,935

2,942

Total fixed charges

30,361

43,012

50,348

58,964

40,457

Capitalized interest

448

1,652

5,619

7,628

5,275

Fixed charges (excluding capitalized interest)

$

29,913

$

41,360

$

44,729

$

51,336

$

35,182

Earnings before fixed charges (excluding capitalized interest) and income taxes

$

69,252

$

84,044

$

106,286

$

70,899

$

26,545

Ratio of earnings to fixed charges

2.3

2.0

2.1

1.2

0.7

Deficiency in earnings to cover fixed charges

$

—

$

—

$

—

$

—

$

8,637