POS AM: Post-effective amendment to a registration statement that is not immediately effective upon filing
Published on January 29, 2007
EXHIBIT
12.2
RATIO
OF EARNINGS TO
COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The
following table sets forth our ratio of earnings to combined fixed charges
and
preferred stock dividends for the periods indicated. Earnings consist of income
(loss) from continuing operations plus fixed charges. Fixed charges consist
of
interest expense and amortization of deferred financing costs. We have
calculated the ratio of earnings to combined fixed charges and preferred stock
dividends by adding net income (loss) from continuing operations to fixed
charges and dividing that sum by such fixed charges plus preferred dividends,
irrespective of whether or not such dividends were actually paid.
|
Year
Ended December 31,
|
Nine
Months
Ended
|
||||||||||||||||||
|
2001
(Restated)
|
2002
(Restated)
|
2003
(Restated)
|
2004
(Restated)
|
2005
(Restated)
|
September
30,
2006
|
||||||||||||||
|
(Loss)
income from continuing
operations
|
$
|
(21,533
|
)
|
$
|
(2,793
|
)
|
$
|
27,718
|
$
|
13,499
|
$
|
34,443
|
$
|
42,842
|
|||||
|
Interest
expense
|
33,204
|
34,381
|
23,388
|
44,008
|
34,771
|
35,244
|
|||||||||||||
|
Income
before fixed charges
|
$
|
11,671
|
$
|
31,588
|
$
|
51,106
|
$
|
57,507
|
$
|
69,214
|
$
|
78,086
|
|||||||
|
Interest
expense
|
$
|
33,204
|
$
|
34,381
|
$
|
23,388
|
$
|
44,008
|
$
|
34,771
|
$
|
35,244
|
|||||||
|
Preferred
stock dividends
|
19,994
|
20,115
|
20,115
|
15,807
|
11,385
|
7,442
|
|||||||||||||
|
Total
fixed charges and preferred dividends
|
$
|
53,198
|
$
|
54,496
|
$
|
43,503
|
$
|
59,815
|
$
|
46,156
|
$
|
42,686
|
|||||||
|
Earnings
/ combined fixed charges
and
preferred dividends coverage ratio
|
*
|
*
|
1.2x
|
*
|
1.5x
|
1.8x
|
|||||||||||||
*
Our
earnings were insufficient to cover combined fixed charges and preferred stock
dividends by $41,527, $22,908 and $2,308 in 2001, 2002 and 2004, respectively.
In addition, our ratio of earnings to combined fixed charges and preferred
dividends has been revised to reflect the impact of the implementation of the
Statement of Accounting Standard No. 144, Accounting
for the Impairment and Disposal of Long-Lived Assets.