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Three and Six Month Renewable Unsecured Subordinated Notes One, Two, Three, Four, Five and Ten Year ... - page 25 / 40

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Ratio of earnings to fixed charges1

December 31, 2005

December 31, 2006

December 31, 2007

December 31, 2008

December 31, 2009

December 31, 2010

June 30, 2011

1.06

1.14

1.17

0.72

0.56

0.80

0.73

RATIOS OF EARNINGS TO FIXED CHARGES

Year Ended

Six Months Ended

(10,649)

1

2

For purposes of computing our ratios of earnings to fixed charges, we calculated earnings by adding fixed charges to income before income taxes. Fixed charges consist of gross interest expenses and one-third of our rent expense, which is the amount we believe is representative of the interest factor component of our rent expense. The deficiency is the amount by which the sum of earnings plus fixed charges, as calculated above, fell short of fixed charges. It is thus equal to our pre-tax loss recorded in the years ended December 31, 2008, 2009 and 2010, and the six-month period ended June 30, 2011.

(16,844)

(49,407)

  • --

    (43,455)

--

Deficiency2

($000s)

--

USE OF PROCEEDS

If all of the notes are sold for cash, we would expect to receive approximately $43.5 million of net proceeds from this offering after payment of estimated offering expenses. Because we may sell the notes for cash or in exchange for surrender of outstanding notes (or surrender of other renewable subordinated notes issued prior to the date of this Prospectus), our actual cash proceeds will be less than that amount, to the extent of such sales in exchange. At June 30, 2011 and December 31, 2010, there were $20.7 million and $20.3 million, respectively, of such renewable subordinated notes outstanding. Although we have no specific plan to allocate the proceeds, the general purpose of the offering is to raise capital to purchase automobile contracts and for other general corporate purposes, which may include payment of general and administrative expenses.

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