EX-12.1 3 v156577_ex12-1.htm STATEMENT OF COMPUTATION OF RATIOS
 
EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table shows the ratio of earnings to fixed charges for the Company for the periods indicated.  In calculating the ratio of earnings to fixed charges, earnings consist of income before income taxes, discontinued operations and fixed charges. The Company had no preferred stock outstanding for any period presented below, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.
 
                                 
Six Months Ended
  
   
Years Ended December 31,
    
June 30,
  
   
2004
    
2005
    
2006
    
2007
    
2008
    
2009
  
   
(In Thousands, Except Ratios)
  
Fixed Charges:
                                    
Interest Expense, Including Amortization of Deferred Finance Fees
  
$
15,120
    
$
18,487
    
$
20,925
    
$
19,066
    
$
13,585
    
$
4,802
  
Interest Portion of Rental Expense (1)
    
3,953
      
3,309
      
2,813
      
2,983
      
3,278
      
1,563
  
Total Fixed Charges
    
19,073
      
21,796
      
23,738
      
22,049
      
16,863
      
6,365
  
                                                 
Earnings (Loss) Before Income Taxes, Discontinued Operations and Fixed Charges:
                                                
Earnings (Loss) From Continuing Operations Before Income Taxes
    
(12,586
)
    
(347
)
    
15,657
      
8,229
      
(29,203
)
    
10,819
  
Equity (Income) / Losses of Minority Owned Subsidiaries
    
(753
)
    
(956
)
    
(915
)
    
(116
)
    
319
      
(14
)
Distributed Earnings of Minority Owned Subsidiaries
    
1,199
      
958
      
557
      
300
      
281
      
—
  
Fixed Charges
    
19,073
      
21,796
      
23,738
      
22,049
      
16,863
      
6,365
  
Total Earnings Available For Fixed Charges
  
$
6,933
    
$
21,451
    
$
39,037
    
$
30,462
    
$
(11,740
)
  
$
17,170
  
Ratio of Earnings to Fixed Charges (2):
    
0.4
      
1.0
      
1.6
      
1.4
      
N/A
      
2.7
  
                                                 
(1)
Calculated as one third of rent expense, which is a reasonable approximation of the interest factor.

(2)
Earnings are inadequate to cover fixed charges for 2008. The deficiency in earnings for the year ended December 31, 2008 is $28.6 million.