EX-12.1 4 h78106exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
                                                 
    Year Ended December 31,     Nine months ended  
    2005     2006     2007     2008     2009     September 30, 2010  
    (dollars in thousands)  
Earnings
                                               
Pre-tax income from continuing operations before adjustment for income or loss from equity investees
  $ 22,233     $ (1,080 )   $ 45,689     $ 38,632     $ 21,841     $ 17,035  
Fixed charges
    23,867       25,236       26,365       27,478       31,425       26,497  
 
                                   
Earnings, as adjusted
  $ 46,100     $ 24,156     $ 72,054     $ 66,110     $ 53,266     $ 43,532  
 
                                   
 
                                               
Fixed Charges
                                               
Interest expensed and capitalized
  $ 19,528     $ 16,276     $ 15,261     $ 14,630     $ 15,144     $ 11,785  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    920       967       860       885       893       602  
Estimate of the interest within rental expense
    3,419       7,993       10,244       11,963       15,388       14,110  
 
                                   
Fixed charges
  $ 23,867     $ 25,236     $ 26,365     $ 27,478     $ 31,425     $ 26,497  
 
                                   
 
                                               
Ratio of earnings to fixed charges
    1.9x       1.0x       2.7x       2.4x       1.7x       1.6x