|
Computation
of Ratio of Earnings to Fixed Charges
(in
thousands)
|
||||||||||||||||||||
|
Year
ended
December 31,
2009
|
Year
ended
December 31,
2008(1)
|
Year
ended
December 31,
2007(1)
|
|
Year
ended
December 31,
2006(1)
|
Year
ended
December 31,
2005
|
|||||||||||||||
|
Earnings:
|
|
|||||||||||||||||||
|
Pretax
income
|
$ |
29,256
|
$ |
(49,897
|
)
|
$ |
(233,855
|
)
|
$ |
(18,277
|
)
|
$ |
49,299
|
|||||||
|
Fixed
charges
|
54,752
|
52,147
|
45,365
|
21,417
|
16,199
|
|||||||||||||||
|
Amortization
of capitalized interest
|
445
|
255
|
32
|
—
|
—
|
|||||||||||||||
|
Capitalized
interest
|
(325
|
)
|
(5,946
|
)
|
(5,057
|
)
|
(990
|
)
|
(293
|
)
|
||||||||||
|
Total
earnings
|
$ |
84,128
|
$ |
(3,441
|
)
|
$ |
(193,515
|
)
|
$ |
2,150
|
$ |
65,205
|
||||||||
|
Fixed
charges:
|
||||||||||||||||||||
|
Interest
expense
|
$ |
47,724
|
$ |
46,737
|
$ |
35,923
|
$ |
17,303
|
$ |
13,356
|
||||||||||
|
Amortized
premiums, discounts and capitalized expenses related to
indebtedness
|
7,001
|
5,367
|
9,140
|
3,418
|
1,784
|
|||||||||||||||
|
Estimated
interest expense within rental expense
|
27
|
43
|
302
|
696
|
1,059
|
|||||||||||||||
|
Total
fixed charges
|
$ |
54,752
|
$ |
52,147
|
$ |
45,365
|
$ |
21,417
|
$ |
16,199
|
||||||||||
|
Ratio
of earnings to fixed charges
|
1.54
|
—
|
—
|
0.10
|
4.03
|
|||||||||||||||
|
(1)
|
The
amount of additional earnings needed to obtain a ratio of earnings to
fixed charges of 1x was approximately $55.6 million, $238.9 million and
$19.3 million for the years ended December 31, 2008, 2007 and 2006,
respectively.
|