EX-12.1 4 a09-14112_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in 000’s)

 

Note:

 

The ratio of earnings to fixed charges is calculated by adding income before taxes plus fixed charges and dividing that sum by fixed charges.

 

 

 

Year Ended December 31,

 

Three Months
Ended March 31,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

47

 

611

 

567

 

438

 

1,793

 

696

 

Interest portion of annual rentals

 

69

 

629

 

2,601

 

8,914

 

17,197

 

4,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

116

 

1,240

 

3,168

 

9,352

 

18,990

 

5,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

(1,637

)

$

 26,289

 

$

 96,626

 

$

 240,326

 

$

 (189,510

)

$

 (22,207

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (from above)

 

116

 

1,240

 

3,168

 

9,352

 

18,990

 

5,062

 

Total earnings for purposes of ratio

 

$

 (1,521

)

$

 27,529

 

$

 99,794

 

$

 249,678

 

$

 (170,520

)

$

 (17,146

)

Ratio of earnings to fixed charges

 

—

 

22.2

 

31.5

 

26.7

 

—

 

—

 

 

For the three months ended March 31, 2009 and for the years ended December 31, 2008 and 2004, our earnings were insufficient to cover fixed charges by $17,146,000, $170,520,000 and $1,521,000, respectively.  Fixed charges consist of interest on all indebtedness and one-third of rentals, which we believe is a reasonable approximation of the interest factor of such rentals.