EX-12.1 5 d949055dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

($ in thousands)    Fiscal Year Ended December 31,      Three Months
Ended March 31,		  
     2014      2013      2012     2011     2010      2015     2014  

Net Income (loss)

    $ 62,856       $ 61,690       $ 34,757      $ (38,338 )    $ 84,871       $ 6,794      $ 8,823   

Income Tax Expense (benefit)

      8,338         1,019         (5,856 )      2,806        8,866         (3,556 )      (1,849 ) 

Fixed Charges

    $ 1,680       $ 6,940       $ 6,088      $ 7,812      $ 8,723       $ 810      $ 413   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings

 $ 72,874    $ 69,649    $ 34,989    $ (27,721 )  $ 102,460    $ 4,048    $ 7,387   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Interest Costs

 $ 822    $ 6,169    $ 5,393    $ 6,476    $ 7,020    $ 505    $ 191   

Operating Lease Expense

   2,600      2,335      2,105      4,048      5,160      924      674   

Portion of rental expense representative of the interest factor (a)

   858      771      695      1,336      1,703      305      222   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total Fixed Charges

 $ 1,680    $ 6,940    $ 6,088    $ 7,812    $ 8,723    $ 810    $ 413   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

   43.4      10.0      5.7      (b )    11.7      5.0      17.9   

 

(a) One-third of net rent expense is the portion of rental expense deemed representative of the interest factor.
(b) The ratio of earnings to fixed charges and preferred share dividends was less than 1.0x in fiscal 2011. The deficiency in the ratio of earnings to fixed charges and preferred share dividend was $35.5 million.