EX-12.1
Published on June 14, 2013
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
(unaudited)
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 |
2012 Actual |
2012 Pro forma(1) |
2013 Actual |
2013 Proforma(1) |
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| Fixed Charges: |
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| Interest expense on indebtedness |
$ | 1,553 | $ | 1,760 | $ | 1,215 | $ | 1,005 | $ | 1,405 | $ | 18,709 | $ | 2,897 | $ | 3,767 | ||||||||||||||||
| Interest expense on portion of rent expense representative of interest |
42 | 35 | 56 | 49 | 91 | 91 | 35 | 35 | ||||||||||||||||||||||||
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| Total fixed charges |
$ | 1,595 | $ | 1,795 | $ | 1,271 | $ | 1,054 | $ | 1,496 | $ | 18,800 | $ | 2,932 | $ | 3,802 | ||||||||||||||||
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| Earnings |
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| Loss from continuing operations before income taxes and investment losses |
$ | (32,313 | ) | $ | (24,063 | ) | $ | (11,980 | ) | $ | (24,233 | ) | $ | (37,213 | ) | $ | (54,517 | ) | $ | (30,829 | ) | $ | (31,699 | ) | ||||||||
| Fixed charges |
1,595 | 1, 795 | 1,271 | 1,054 | 1,496 | 18,800 | 2,932 | 3,802 | ||||||||||||||||||||||||
| Net loss attributable to noncontrolling interests |
| | | | (492 | ) | (492 | ) | (547 | ) | (547 | ) | ||||||||||||||||||||
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| Total earnings |
$ | (30,718 | ) | $ | (22,268 | ) | $ | (10,709 | ) | $ | (23,179 | ) | $ | (35,225 | ) | $ | (35,225 | ) | $ | (27,350 | ) | $ | (27,350 | ) | ||||||||
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| Ratio of deficiency to fixed charges |
(19.3 | ) | (12.4 | ) | (8.4 | ) | (22.0 | ) | (23.5 | ) | (1.9 | ) | (9.3 | ) | (7.2 | ) | ||||||||||||||||
| Excess deficiency of earnings to fixed charges |
$ | (32,313 | ) | $ | (24,063 | ) | $ | (11,980 | ) | $ | (24,233 | ) | $ | (36,721 | ) | $ | (54,025 | ) | $ | (30,282 | ) | (31,152 | ) | |||||||||
| (1) | The ratio of earnings to fixed charges for the year ended December 31, 2012 has been adjusted on a pro forma basis assuming the $150.0 million of 3% Notes were outstanding since January 1, 2012. |