Computation of Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||||
Six Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||
June 30, 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||
Fixed charges(1): | |||||||||||||||||||||||||||
Total interest expense | $ | 36,637 | $ | 79,407 | $ | 150,010 | $ | 232,096 | $ | 427,312 | $ | 677,707 | |||||||||||||||
Interest capitalized | — | — | — | — | — | — | |||||||||||||||||||||
Interest portion of rental expense | 1,071 | 3,047 | 2,596 | 3,060 | 3,250 | 1,994 | |||||||||||||||||||||
Total fixed charges | $ | 37,708 | $ | 82,454 | $ | 152,606 | $ | 235,156 | $ | 430,562 | $ | 679,701 | |||||||||||||||
Earnings: | |||||||||||||||||||||||||||
Net income (loss) income from continuing operations before income taxes | $ | 96,942 | $ | 205,529 | $ | (15,081 | ) | $ | (161,324 | ) | $ | (774,530 | ) | $ | (458,714 | ) | |||||||||||
Fixed charges | 37,708 | 82,454 | 152,606 | 235,156 | 430,562 | 679,701 | |||||||||||||||||||||
Less: Interest capitalized | — | — | — | — | — | — | |||||||||||||||||||||
Total earnings before fixed charges | $ | 134,650 | $ | 287,983 | $ | 137,525 | $ | 73,832 | $ | (343,968 | ) | $ | 220,987 | ||||||||||||||
Ratio of earnings to fixed charges(2) | 3.6x | 3.5x | 0.9x | 0.3x | -0.8x | 0.3x | |||||||||||||||||||||
(1) | Excludes interest related to the application of accounting for uncertain tax positions in accordance with the Income Taxes Topic of the Accounting Standards Codification. |
(2) | The earnings for the six months ended June 30, 2013 and year ended December 31, 2012 were sufficient to cover fixed charges. However, the earnings for the years ended December 31, 2011, 2010, 2009 and 2008 were inadequate to cover fixed charges. The coverage deficiencies for total fixed charges for the years ended December 31, 2011, 2010, 2009 and 2008 were $15.1 million, $161.3 million, $774.5 million and $458.7 million, respectively. |