EX-12.1 3 h76320exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
Statement of Computation of Ratios
Calculation of Ratios of Earnings to Fixed Charges
Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges. Fixed charges consist of interest charges and interest portion of rent.
                                                 
    Six Months    
    Ended June   Fiscal Years Ending December 31,
    30, 2010   2009   2008   2007   2006   2005
(Loss) income before income taxes
   $ 13,492     $ (54,482 )   $ 42,284     $ 28,897     $ 19,404     $ 8,615  
Add:
                                                
Interest expense
     2,598       5,245       6,130       3,344       1,943       1,000  
Interest portion of rent (1)
     2,025       4,067       3,450       1,879       930       635  
(Loss) earnings as defined
   $ 18,115     $ (45,170 )   $ 51,864     $ 34,120     $ 22,277     $ 10,250  
Interest expense
     2,598       5,245       6,130       3,344       1,943       1,000  
Interest portion of rent (1)
     2,025       4,067       3,450       1,879       930       635  
Fixed charges as defined
   $ 4,623     $ 9,312     $ 9,580     $ 5,223     $ 2,873     $ 1,635  
Ratio of (loss) earnings to fixed charges
     3.92 x     (4.85) x(2)     5.41 x     6.53 x     7.75 x     6.27 x
Calculation of Ratios of Earnings to Combined Fixed Charges and Preference Dividends
Ratio of earnings to combined fixed charges and preference dividends is computed by dividing income before taxes and fixed charges plus preference dividends.
                                                 
    Six Months                    
    Ended June                    
    30, 2010   2009   2008   2007   2006   2005
     
(Loss) income before income taxes
   $ 13,492     $ (54,482 )   $ 42,284     $ 28,897     $ 19,404     $ 8,615  
Add:
                                                
Interest expense
     2,598       5,245       6,130       3,344       1,943       1,000  
Interest portion of rent (1)
     2,025       4,067       3,450       1,879       930       635  
(Loss) earnings as defined
   $ 18,115     $ (45,170 )   $ 51,864     $ 34,120     $ 22,277     $ 10,250  
Interest expense
     2,598       5,245       6,130       3,344       1,943       1,000  
Interest portion of rent (1)
     2,025       4,067       3,450       1,879       930       635  
Preferred stock dividends
     75       150       150       150       150       150  
Total combined fixed charges and preference dividends as defined
   $ 4,698     $ 9,462     $ 9,730     $ 5,373     $ 3,023     $ 1,785  
Ratio of (loss) earnings to combined fixed charges and preference dividends
     3.86 x     (4.77) x(3)     5.33 x     6.35 x     7.37 x     5.74 x
 
(1)   Represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.
 
(2)   The ratio of earnings to fixed charges was less than 1:1 for the fiscal year ended December 31, 2009. In order to achieve a ratio of earnings to fixed charges of 1:1, we would have had to generate an additional $54.5 million of earnings in the fiscal year ended December 31, 2009.
 
(3)   The ratio of earnings to combined fixed charges and preference dividends was less than 1:1 for the fiscal year ended December 31, 2009. In order to achieve a ratio of earnings to combined fixed charges and preference dividends of 1:1, we would have had to generate an additional $54.6 million of earnings in the fiscal year ended December 31, 2009.