EX-12.1 7 d269045dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO

OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2006, 2007, 2008, 2009 and 2010 and the nine months ended September 30, 2011. As the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends indicate less than one-to-one coverage for the years ended December 31, 2007, 2008, 2009 and 2010, and for the nine months ended September 30, 2011, we have provided the coverage deficiency amounts for those periods. Earnings are the sum of (i) loss from continuing operations before losses from equity affiliates, and (ii) fixed charges, less (i) interest capitalized. Fixed charges are the sum of (i) interest expensed and capitalized, (ii) amortization of capitalized expenses related to indebtedness, and (iii) estimate of interest within rental expense.

 

                                    

Nine Months
Ended
September

30,

2011

  
     Year Ended December 31,    
      2006      2007     2008     2009     2010    

Income (Loss) from continuing operations before income taxes*

    $ 2,352       $ (39,100 )    $ (29,181 )    $ (24,135 )    $ (16,911 )    $ (8,985 ) 

Plus: Fixed charges

      372         287        255        179        865        959   

Less: Interest capitalized

      1         —          —          —          1,475        1,137   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as adjusted

    $ 2,723       $ (38,813 )    $ (28,926 )    $ (23,956 )    $ (17,521 )    $ (9,163 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

      372         286        255        179        865        959   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 372       $ 286      $ 255      $ 179      $ 865      $ 959   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividends

      —           —          —          —          —          —     

Ratio of earnings to fixed charges

      7.32         —          —          —          —          —     

Ratio of earnings to combined fixed charges and prefererred stock dividends

      7.32         —          —          —          —          —     

Deficiency of earnings available to cover fixed charges

      —           (38,527 )      (28,671 )      (23,777 )      (16,656 )      (8,204 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings available to cover fixed charges and preferred stock dividends

      —         $ (38,527 )    $ (28,671 )    $ (23,777 )    $ (16,656 )    $ (8,204 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* Excluding losses from minority interest and income/loss from equity investees.