EX-12.1 2 v357718_exhx12x01.htm EXHIBIT 12.1

Exhibit 12.01

Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)

           
  Nine Months Ended
September 30,
2013
  Year Ended December 31,
     2012   2011   2010   2009   2008
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees   $ 10,809     $ 30,788     $ 16,753     $ 27,087     $ 140,981     $ (303,203 ) 
Distributed income of equity investees     40       384       266       222       326       7,355  
Fixed charges:
                                                     
Interest expense and amortization of debt discount and premium on all indebtedness     6,138       4,965       2,508       1,155       3,645       72,751  
Rentals     61       88       58       54       77       251  
Total fixed charges   $ 6,199     $ 5,053     $ 2,566     $ 1,209     $ 3,722     $ 73,002  
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees   $ 17,048     $ 36,225     $ 19,585     $ 28,518     $ 145,029     $ (222,846 ) 
Ratio of earnings to fixed charges     2.8       7.2       7.6       23.6       39.0       (A)  

(A) Due to the Company's loss in 2008, the ratio coverage in this year was less than 1:1. The Company would have had to generate additional earnings of $295,848 to achieve coverage of 1:1 in this year.