EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in 000’s)
Note: |
| The ratio of earnings to fixed charges is calculated by adding income before taxes plus fixed charges and dividing that sum by fixed charges. |
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| Year Ended December 31, |
| Three Months |
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| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
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Fixed Charges: |
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Interest |
| 47 |
| 611 |
| 567 |
| 438 |
| 1,793 |
| 696 |
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Interest portion of annual rentals |
| 69 |
| 629 |
| 2,601 |
| 8,914 |
| 17,197 |
| 4,366 |
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Total fixed charges |
| 116 |
| 1,240 |
| 3,168 |
| 9,352 |
| 18,990 |
| 5,062 |
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Earnings: |
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Income before income taxes |
| $ | (1,637 | ) | $ | 26,289 |
| $ | 96,626 |
| $ | 240,326 |
| $ | (189,510 | ) | $ | (22,207 | ) |
Add: |
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Total fixed charges (from above) |
| 116 |
| 1,240 |
| 3,168 |
| 9,352 |
| 18,990 |
| 5,062 |
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Total earnings for purposes of ratio |
| $ | (1,521 | ) | $ | 27,529 |
| $ | 99,794 |
| $ | 249,678 |
| $ | (170,520 | ) | $ | (17,146 | ) |
Ratio of earnings to fixed charges |
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| 22.2 |
| 31.5 |
| 26.7 |
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| — |
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For the three months ended March 31, 2009 and for the years ended December 31, 2008 and 2004, our earnings were insufficient to cover fixed charges by $17,146,000, $170,520,000 and $1,521,000, respectively. Fixed charges consist of interest on all indebtedness and one-third of rentals, which we believe is a reasonable approximation of the interest factor of such rentals.