| Year Ended December 31, | ||||||||||||||||||||
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2011
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2010
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2009
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2008
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2007
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Earnings:
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Net income (loss) attributed to Pacific Ethanol, Inc.
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$ | 3,074 | $ | 73,892 | $ | (308,153 | ) | $ | (146,547 | ) | $ | (14,400 | ) | |||||||
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Add:
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Fixed Charges
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16,492 | 11,166 | 21,113 | 38,135 | 28,023 | |||||||||||||||
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Amortization of capitalized interest
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176 | 147 | 407 | 227 | 21 | |||||||||||||||
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Equity earnings in unconsolidated subsidiaries
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— | 929 | — | — | — | |||||||||||||||
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Less:
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Captialized Interest
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— | — | — | (9,187 | ) | (8,494 | ) | |||||||||||||
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Preferred Dividends
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(1,265 | ) | (2,847 | ) | (3,202 | ) | (4,864 | ) | (4,228 | ) | ||||||||||
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Total Earnings
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$ | 18,477 | $ | 83,287 | $ | (289,835 | ) | $ | (122,236 | ) | $ | 922 | ||||||||
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Fixed charges:
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Interest Expense, net
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$ | 14,162 | $ | 7,488 | $ | 16,300 | $ | 21,533 | $ | 10,257 | ||||||||||
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Capitalized interest
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— | — | — | 9,186 | 8,494 | |||||||||||||||
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Amortization of deferred financing fees
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651 | 543 | 1,193 | 2,018 | 4,726 | |||||||||||||||
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Estimate of interest component in rent expense
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414 | 288 | 418 | 534 | 318 | |||||||||||||||
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Preferred dividends
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1,265 | 2,847 | 3,202 | 4,864 | 4,228 | |||||||||||||||
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Total Fixed Charges
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$ | 16,492 | $ | 11,166 | $ | 21,113 | $ | 38,135 | $ | 28,023 | ||||||||||
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Ratio of Earnings to Fixed Charges
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1.12x | 7.46x | — | — | 0.3x | |||||||||||||||
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Excess (Deficiency) of Earnings Available to Cover Fixed Charges
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$ | 1,985 | $ | 72,121 | $ | (310,948 | ) | $ | (160,371 | ) | $ | (27,101 | ) | |||||||