For the Years Ended December 31, | Pro Forma | |||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2012 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity in earnings (losses) of 50% or less owned companies | $ | (2,370 | ) | $ | 5,209 | $ | (7,803 | ) | $ | 2,460 | $ | 20,573 | $ | 12,348 | ||||||||||
Distributed income of equity investees | — | — | — | 1,236 | 4,618 | 4,618 | ||||||||||||||||||
Capitalized interest | (1,718 | ) | (964 | ) | (2,331 | ) | (2,680 | ) | (1,547 | ) | (1,547 | ) | ||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | (255 | ) | (13,130 | ) | — | ||||||||||||||||
Noncontrolling interest in pre-tax loss of subsidiaries that have not incurred fixed charges | — | — | — | — | 40 | 40 | ||||||||||||||||||
Fixed Charges | 14,686 | 21,305 | 23,862 | 27,721 | 25,325 | 21,985 | ||||||||||||||||||
Earnings, as defined | $ | 10,598 | $ | 25,550 | $ | 13,728 | $ | 28,482 | $ | 35,879 | $ | 37,444 | ||||||||||||
Interest expensed | $ | 12,968 | $ | 20,341 | $ | 21,531 | $ | 24,786 | $ | 10,648 | $ | 20,438 | ||||||||||||
Interest capitalized | 1,718 | 964 | 2,331 | 2,680 | 1,547 | 1,547 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | 255 | 13,130 | — | ||||||||||||||||||
Fixed charges, as defined | $ | 14,686 | $ | 21,305 | $ | 23,862 | $ | 27,721 | $ | 25,325 | $ | 21,985 | ||||||||||||
Ratio of earnings to fixed charges | 0.7 | x | 1.2 | x | 0.6 | x | 1.0 | x | 1.4 | x | 1.7 | x | ||||||||||||