EX-12.1 2 a13-1362_1ex12d1.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

 

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

Net loss

 

$

(134,287

)

 

$

(631

)

 

$

(11,685

)

 

$

(10,155

)

 

$

(48,418

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision (Benefit) for income taxes

 

3,693

 

 

(2,622

)

 

834

 

 

763

 

 

849

 

 

Fixed charges (see below)

 

35,375

 

 

39,293

 

 

41,235

 

 

43,435

 

 

45,215

 

 

Earnings available to cover fixed charges

 

$

(95,219

)

 

$

36,040

 

 

$

30,384

 

 

$

34,043

 

 

$

(2,354

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

25,301

 

 

$

31,206

 

 

$

33,537

 

 

$

38,092

 

 

$

42,551

 

 

Amortization of debt costs

 

4,084

 

 

1,807

 

 

1,275

 

 

1,575

 

 

1,810

 

 

Interest portion of rentals

 

433

 

 

536

 

 

673

 

 

654

 

 

854

 

 

 

 

29,818

 

 

33,549

 

 

35,485

 

 

40,321

 

 

45,215

 

 

Preferred stock dividends

 

5,557

 

 

5,744

 

 

5,750

 

 

3,114

 

 

-

 

 

Total fixed charges and preferred stock dividends

 

$

35,375

 

 

$

39,293

 

 

$

41,235

 

 

$

43,435

 

 

$

45,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Deficiency) Earnings in the coverage of fixed charges

 

$

(125,037

)

 

$

2,491

 

 

$

(5,101

)

 

$

(6,278

)

 

$

(47,569

)

 

Deficiency in the coverage of fixed charges and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

preferred stock dividends

 

$

(130,594

)

 

$

(3,253

)

 

$

(10,851

)

 

$

(9,392

)

 

$

(47,569

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.