EX-12.2 3 dex122.htm RECONCILIATION OF RETURN ON INVESTED CAPITAL Reconciliation of Return on Invested Capital

Exhibit 12.2

Return on Invested Capital (ROIC)

(Dollars in thousands, except percentage data)

     2009     2008  

Operating Income

   $ 20,325      $ (5,127

Add: Goodwill write-off costs

     —          18,777   

          IPO write-off costs

     —          2,037   

          Restructuring costs

     585        1,535   
                

Adjusted Operating Income

   $ 20,910      $ 17,222   
                

Blended Effective Tax Rate

     28     28

Adjusted Operating Income after taxes

   $ 15,055      $ 12,400   
                

Average Investment1

   $ 131,895      $ 177,321   

ROIC

     11.4     7.0
                
     As of December 31  
     2009     2008  

1 - Calculation of Average Investment

    

Shareholder’s Equity

   $ 42,734      $ 14,550   

Cash

     27,234        22,344   

Debt

     129,711        136,906   
                

Net Debt

     102,477        114,562   
                

Shareholders’ Equity and Net Debt

     145,211        129,112   

13 month Average Shareholders’ Equity & Net Debt

   $ 131,895      $ 177,321