EX-12.1 2 a12-2324_4ex12d1.htm EX-12.1

Exhibit 12.1

 

LodgeNet Interactive Corporation and Subsidiaries

Statement Regarding Computation of Ratios (Unaudited)

(Dollar amounts in thousands, except ratios)

 

Computation of Coverage of Fixed Charges and Preferred Stock Dividends

 

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

Net loss

 

$

 (631)

 

$

 (11,685)

 

$

 (10,155)

 

$

 (48,418)

 

$

 (65,172)

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

(Benefit) provision for income taxes

 

(2,622)

 

834

 

763

 

849

 

(683)

 

Fixed charges (see below)

 

39,293

 

41,235

 

43,435

 

45,215

 

43,531

 

Earnings available to cover fixed charges

 

$

 36,040

 

$

 30,384

 

$

 34,043

 

$

 (2,354)

 

$

 (22,324)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (1):

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

 31,206

 

$

 33,537

 

$

 38,092

 

$

 42,551

 

$

 40,950

 

Amortization of debt costs

 

1,807

 

1,275

 

1,575

 

1,810

 

1,731

 

Interest portion of rentals

 

536

 

673

 

654

 

854

 

850

 

 

 

33,549

 

35,485

 

40,321

 

45,215

 

43,531

 

Preferred stock dividends

 

5,744

 

5,750

 

3,114

 

-

 

-

 

Total fixed charges and preferred stock dividends

 

$

 39,293

 

$

 41,235

 

$

 43,435

 

$

 45,215

 

$

 43,531

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (deficiency) in the coverage of fixed charges

 

$

 2,491

 

$

 (5,101)

 

$

 (6,278)

 

$

 (47,569)

 

$

 (65,855)

 

Deficiency in the coverage of fixed charges and preferred stock dividends

 

$

 (3,253)

 

$

 (10,851)

 

$

 (9,392)

 

$

 (47,569)

 

$

 (65,855)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.07

 

-

 

-

 

-

 

-

 

Ratio of earnings to fixed charges and preferred stock dividends

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

(1)

Fixed charges consist of interest expensed, amortized premiums, discounts and capitalized expenses related to indebtedness and an estimate of the interest within rental expense. The Company believes that it is reasonable to estimate one-third of rental expense is interest expense.