Attached files
Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
For the purpose of determining the ratio of earnings to fixed charges, “earnings” consist of income (loss) before income taxes and noncontrolling interest, plus fixed charges and amortization of capitalized interest, less interest capitalized. “Fixed charges” consist of interest expense (including amortization of deferred financing costs, premiums, and discounts), amortization of capitalized expenses related to indebtedness, plus two-thirds of rental expense (this portion is considered to be representative of the interest factor), and are computed as follows:
| As of and for Year Ended December 31, (in thousands) |
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| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| Earnings: |
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| Pre-tax income (loss) before noncontrolling interest |
$ | 3,133 | $ | 1,692 | $ | (4,019 | ) | $ | 4,867 | $ | (10,132 | ) | ||||||||
| Add: Fixed charges |
27,624 | 27,222 | 29,466 | 30,611 | 34,452 | |||||||||||||||
| Add: Amortization of capitalized interest |
75 | 75 | 75 | 75 | 71 | |||||||||||||||
| Less: Interest capitalized |
— | (10 | ) | — | (159 | ) | (154 | ) | ||||||||||||
| Total Earnings |
$ | 30,832 | $ | 28,979 | $ | 25,522 | $ | 35,394 | $ | 24,237 | ||||||||||
| Fixed Charges |
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| Interest expense |
$ | 25,580 | $ | 25,217 | $ | 27,477 | $ | 28,477 | $ | 32,718 | ||||||||||
| Interest capitalized |
— | 10 | — | 159 | 154 | |||||||||||||||
| Estimated interest on rental expense |
2,044 | 1,995 | 1,989 | 1,975 | 1,580 | |||||||||||||||
| Total Fixed Charges |
$ | 27,624 | $ | 27,222 | $ | 29,466 | $ | 30,611 | $ | 34,452 | ||||||||||
| Ratio of Earnings to Fixed Charges(1) |
1.12x | 1.06x | 0.87x | 1.16x | 0.70x | |||||||||||||||
| (1) | For the years ended December 31, 2008 and 2006, we had a deficiency of $3,944 and $10,215, respectively, in earnings to fixed charges. |