EX-12.1 5 a2204900zex-12_1.htm EX-12.1
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Exhibit 12.1


STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Fiscal Year Ended December 31,   Three
Months
ended
March 31,
 
 
  2006   2007   2008   2009   2010   2011  
 
  (dollars in thousands)
 

Ratio of earnings to fixed charges

                                     

Earnings:

                                     
 

Income/(Loss) before income taxes

  ($ 3,680 ) $ 5,297   ($ 38 ) ($ 1,596 ) $ 20,184   $ 6,465  

Add:

                                     
 

Fixed charges

    426     339     231     64     74     5  
                           

Total income/(loss) for computation of ratio

  ($ 3,254 ) $ 5,636   $ 193   ($ 1,532 ) $ 20,258   $ 6,470  
                           

Fixed charges:

                                     
 

Total interest expense

  $ 392   $ 305   $ 193   $ 47   $ 57   $ 0  
 

Interest factor in rents(a)

    34     34     38     17     17     5  
                           
 

Total fixed charges

  $ 426   $ 339   $ 231   $ 64   $ 74   $ 5  
                           

Ratio of earnings to fixed charges(b)

    (7.64 )   16.63     0.84     (23.94 )   273.76     1,294.00  

(a)
Interest component of rental expense is estimated based on interest on tenant improvement loan at 4%, which is considered a reasonable approximation of the interest factor.

(b)
In 2006, we were still recovering from the effects of quality problems with certain of our products, while in 2009 earnings were weak from the global financial crisis.

        Due to our losses in each of the fiscal years presented, the ratio coverage was less than 1:1.




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STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES