EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Computation of ratio of earnings to combined fixed charges

Exhibit 12

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

(in thousands)    Year Ended September 30,     Quarter
Ended

December  31,
2010
 
   2006      2007      2008     2009     2010    
              

Fixed Charges Computation

              

Interest expensed and capitalized (1)

   $ 35,119       $ 29,671       $ 23,205      $ 34,459      $ 56,344      $ 13,854   

Amortized premiums, discounts, and capitalized expenses related to indebtedness

     2,843         9,075         8,747        13,459        16,027        3,236   

Reasonable approximation of interest within rental expense

     3,092         3,440         3,499        3,919        4,177        1,009   
                                                  

Total Fixed Charges and Preferred Equity Dividends

   $ 41,054       $ 42,186       $ 35,451      $ 51,837      $ 76,548      $ 18,099   
                                                  

Earnings Computation

              

Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

   $ 137,816       $ 59,236       $ (161,874   $ (502,272   $ (99,344   $ (19,741

Plus

              

Fixed charges

     41,054         42,186         35,451        51,837        76,548        18,099   

Minus

              

Interest capitalized

     1,027         784         894        1,396        441        9   
                                                  

Total Earnings

   $ 177,843       $ 100,638       $ (127,317   $ (451,831   $ (23,237   $ (1,651
                                                  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

     4.33         2.39         N/A     N/A     N/A     N/A

 

* Total earnings for these periods were less than zero dollars. The deficiency of earnings to fixed charges for the years ended September 30, 2008, 2009, 2010 and for the quarter ended December 31, 2010 were $162.8 million, $503.7 million, $99.8 million, and $19.8 million respectively.
(1) Interest expense associated with unrecognized tax benefits is included in income tax expense, not with interest expense.