EX-12 3 dex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of ratios of earnings to fixed charges

Exhibit (12)

Calculation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

The following table sets forth our historical ratio of earnings to fixed charges for the periods indicated:

 

     Nine Months Ended     Year Ended December 31,  
     September 30, 2009     2008     2007    2006     2005     2004  

Earnings (losses):

             

Income (loss) before provision for (benefit of) income taxes, cumulative effect of accounting changes

   $ (40,257   $ (66,415   $ 23,047    $ (5,900   $ (12,486   $ (34,448

Add:

             

Interest expense

     795        893        1,517      3,245        2,713        537   

Operating lease interest (b)

     5,157        8,489        8,764      8,751        7,870        7,666   
                                               

Total earnings (losses) available for fixed charges

   $ (34,305   $ (57,033   $ 33,328    $ 6,096      $ (1,903   $ (26,245
                                               

Fixed charges:

             

Interest expense

     795        893        1,517      3,245        2,713        537   

Operating lease interest (b)

     5,157        8,489        8,764      8,751        7,870        7,666   
                                               

Total fixed charges

   $ 5,952      $ 9,382      $ 10,281    $ 11,996      $ 10,583      $ 8,203   
                                               

Ratio of earnings to fixed charges

     (a)        (a)        3.2      (a)        (a)        (a)   

 

(a) The earnings for the nine months ended September 30, 2009 and the years ended December 31, 2008, 2006, 2005, and 2004 were inadequate to cover total fixed charges. The coverage deficiencies in earnings available for fixed charges for a one-to-one ratio for the nine months ended September 30, 2009 and the years ended December 31, 2008, 2006, 2005, and 2004 were: $40,257, $66,415, $5,900, $12,486, and $34,448 respectively.
(b) The interest portions of operating leases consists of one-third of net rental charges, which we deem to be representative of the interest factor inherent in rents.