EX-12.1 5 ex12_1.htm EXHIBIT 12.1 ex12_1.htm

Exhibit 12.1
 
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)


   
Nine Months
Ended
September 30,
 
Year Ended
December 31,
 
    2009  
2008
   
2007
   
2006
   
2005
   
2004
 
Net Income before income tax and minority interests
  $ 6,242   $ 27,271     $ 10,640     $ 17,032     $ 3,908     $ 244  
Fixed charges excluding capitalized interest
    2,996     2,890       3,014       3,061       591       598  
Pretax income (as adjusted)
  $ 9,238   $ 30,161     $ 13,654     $ 20,093     $ 4,499     $ 842  
                                               
Fixed charges:
                                             
Interest expense
  $ 2,356   $ 2,737     $ 2,890     $ 2,186     $ 387     $ 329  
Capitalized interest
    (3)     (261 )     (376 )     -       -       -  
Amortization of debt financing costs
    542     70       70       850       202       266  
Estimate of interest component of rental expense
    98     83       54       25       2       3  
Total fixed charges
  $ 2,993   $ 2,629     $ 2,638     $ 3,061     $ 591     $ 598  
                                               
Ratio of earnings to fixed charges
   
3.1
    11.5       5.2       6.6       7.6       1.4