EX-12.1 5 f52746exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of ratio of earnings to fixed charges
                                         
    Year Ended December 31,  
    2004 (1)     2005 (1)     2006     2007     2008  
    (Dollars in thousands)  
Earnings before fixed charges:
                                       
Income/(loss) from continuing operations before income taxes, minority interest and income/(loss) from equity investees
  $ 29,142     $ 1,776     $ (32,743 )   $ (59,367 )   $ (85,319 )
Add fixed charges
    1,700       15,047       12,196       13,211       14,105  
Add amortization of capitalized interest
                             
Add distributed income of equity investees
                             
Subtract capitalized interest
                             
 
                             
Income/(loss) before fixed charges
  $ 30,842     $ 16,823     $ (20,547 )   $ (46,156 )   $ (71,214 )
 
                                       
Fixed charges:
                                       
Interest expense
  $     $ 12,608     $ 9,680     $ 10,495     $ 11,208  
Amortization of debt issuance costs
          739       516       516       597  
Estimate of interest expense within rental expense
    1,700       1,700       2,000       2,200       2,300  
Preference security dividend requirements of consolidated subsidiaries
                             
 
                             
Total fixed charges
  $ 1,700     $ 15,047     $ 12,196     $ 13,211     $ 14,105  
 
                             
 
                                       
Deficiency of earnings available to cover fixed charges
  $     $     $ 32,743     $ 59,367     $ 85,319  
 
(1)   For the years ended December 31, 2005 and 2004, the ratio of earnings to fixed charges was 18 and 1, respectively.