EX-12.1 5 d259903dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    Year Ended December 31,  
    2011     2010     2009     2008     2007  
    (dollars in thousands)  

Fixed Charges

          

1  Interest expensed and capitalized

   $ 48,322      $ 50,164      $ 42,287      $ 38,728      $ 29,880   

2  An estimate of the interest factor in rental expense

     3,828        5,246        5,572        4,232        5,418   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

   $ 52,150      $ 55,410      $ 47,859      $ 42,960      $ 35,298   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

          

1  Pre-tax income (loss) from continuing operations before minority interests

   $ 139,891      $ 82,012      $ (6,090 )    $ (314,168 )    $ 200,113   

2  Fixed charges

     52,150        55,410        47,859        42,960        35,298   

3  Amortization of capitalized interest (less interest capitalized)

     166        103        56        (572 )      (796 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings

   $ 192,207      $ 137,525      $ 41,825      $ (271,780 )    $ 234,615   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges (1)

     3.7        2.5        0.9        —          6.6   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Earnings were inadequate to cover fixed charges by $314.7 million in 2008.