EX-12.1 4 dex121.htm RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERED STOCK DIVIDENDS

 

     Year Ended
December 31,
 
     2009     2008     2007     2006     2005  

Earnings:

          

Pre-tax loss before income or loss from equity investees

   $ (6,068 )   $ (588,542 )   $ (20,291 )   $ (74,368 )   $ (46,020 )

Fixed charges

     6,548        5,246        28,112        37,014        30,703   
                                        

Total earnings

   $ 480      $ (583,296 )   $ 7,821      $ (37,354 )   $ (15,317 )
                                        

Fixed Charges and Preferred Dividends:

          

Interest expense

   $ 1,784      $ 2,620      $ 26,739      $ 33,433      $ 28,723   

Portion of rentals representative of interest factor (1)

     927        2,156        1,373        3,581        1,980   

Preferred stockholder dividends (2)

     3,837        470        —          —          —     
                                        

Total fixed charges

   $ 6,548      $ 5,246      $ 28,112      $ 37,014      $ 30,703   
                                        

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

     *        *        *        *        *   

 

* Calculation not meaningful as ratio is less than 1. For the years ended December 31, 2009, 2008, 2007, 2006 and 2005, our earnings were insufficient to cover our combined fixed charges and preferred stock dividends by approximately $6.1 million, $588.5 million, $20.3 million, $74.4 million and $46.0 million, respectively.
(1) The interest factor in rent expense is estimated as one-third of rental expense.
(2) Calculated based on the pre-tax earnings required to cover preferred stockholder dividends accrued during each respective period.