EX-12 2 masterex122013q4.htm EXHIBIT - RATIO MASTER EX 12 (2013 Q4)


Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Years Ended December 31,
In thousands
2013
 
2012
 
2011
 
2010
 
2009
 
Earnings (loss) before tax:
 
 
 
 
 
 
 
 
 
 
Earnings (loss) before tax
$
8,741

 
$
10,177

 
$
4,751

 
$
(124,605
)
 
$
(111,185
)
 
Add: Total fixed charges
978

 
1,373

 
1,783

 
2,129

 
2,981

 
Adjusted Earnings
$
9,719

 
$
11,550

 
$
6,534

 
$
(122,476
)
 
$
(108,204
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest
$
311

 
$
629

 
$
668

 
$
808

 
$
1,382

 
Portion of rental expense representative of the interest factor(1)
667

 
744

 
1,115

 
1,321

 
1,599

 
Total Fixed Charges
$
978

 
$
1,373

 
$
1,783

 
$
2,129

 
$
2,981

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges(2)
9.94

 
8.41

 
3.66

(3) 
—

(4) 
—

(5) 
(1)
For purposes of calculating fixed charges, an interest factor of one-third was applied to total rental expense.
(2)
Adjusted earnings for the years ended December 31, 2010 and 2009 were not sufficient to provide for fixed charges.
(3)
For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings includes a charge of $1,988 related to the withdrawal from a defined benefit plan of the former parent company. Excluding the pension charge, the adjusted earnings would have been $8,522 and the ratio of earnings to fixed charges would have been 4.8.
(4)
For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for asset impairments of $3,404 and $132,346 related to the withdrawal from a defined benefit plan of the former parent company. Excluding the non-cash impairment and pension charges, the adjusted earnings would have been $13,274 and the ratio of earning to fixed charges would have been 6.2.
(5)
For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings include a non-cash charge for asset impairments of $106,389. Adjusted earnings are not sufficient to provide for fixed charges.