EX-12 3 exhibit12ratioofearningsto.htm EX-12 Exhibit 12 Ratio of Earnings to Fixed Charges


Exhibit 12



 
Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
2008
2009
2010
2011
2012
 
 
 
 
 
 
 
 
 
 
Net income (loss) before income tax expense and earnings from equity investments
 
(54,511
)
(85,575
)
(54,239
)
(25,775
)
(75,691
)
 
 
 
 
 
 
 
 
 
 
Add fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense including amortization of debt issuance costs
 
78,071

87,498

101,613

104,703

100,008

 
 
Estimate of interest within rental expense
 
6,885

6,179

5,856

5,281

5,421

 
 
Total fixed charges
 
84,956

93,677

107,469

109,984

105,429

 
 
 
 
 
 
 
 
 
 
 
Distributed earnings from equity investments
 
25,280

31,920

34,411

35,167

38,074

 
 
 
 
 
 
 
 
 
 
 
Adjusted earnings
 
55,725

40,022

87,641

119,376

67,812

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
 
 
0.7

0.4

0.8

1.1

0.6

 
 
 
 
 
 
 
 
 
 
(1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.
 
 
 
 
 
 
 
 
 


(1)
The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges. Earnings before fixed charges were inadequate to cover total fixed charges by $29,231, $53,655, $19,828 and $37,617 for years ended 2008, 2009, 2010 and 2012, respectively. The computation of adjusted earnings in years prior to 2011, disclosures of ratio of earnings to fixed charges did not include the addition of distributed earnings from equity investments (which had the effect of increasing such ratio by 0.3 in 2008, 2009 and 2010).
(2)    The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.