EX-12.1 5 d412044dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended December 31,																				Six Months Ended
		2007				2008				2009				2010				2011				June 30, 2012
		(in thousands, except ratio)
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees		$	(15,475	)		$	24,954			$	7,711			$	(50,308	)		$	46,685			$	33,575
Capitalized interest			(59	)			(276	)			(112	)			(84	)			-				(1,090	)
Depreciation of capitalized interest			5				23				30				36				36				109
Distributions from 50% or less owned companies carried at equity			2,240				2,158				950				6,482				20,028				18,024
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees		$	(13,289	)		$	26,859			$	8,579			$	(43,874	)		$	66,749			$	50,618
Fixed charges
Interest on long-term debt		$	10,485			$	13,395			$	13,730			$	22,977			$	35,781			$	20,836
Capitalized interest			59				276				112				84				-				1,090
Rental expenses representative of an interest factor			1,520				2,189				3,006				3,923				4,583				2,312
Total fixed charges		$	12,064			$	15,860			$	16,848			$	26,984			$	40,364			$	24,238
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges		$	(1,225	)		$	42,719			$	25,427			$	(16,890	)		$	107,113			$	74,856
RATIO OF EARNINGS TO FIXED CHARGES			-				2.7				1.5				-				2.7				3.1