EX-12 3 ex12q123103.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Quarter Ended (thousands of dollars) Year Ended September 30, December 31 ------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2003 ----------------------------------------------------------------------- Fixed Charges Computation Interest expensed and capitalized $ 4,178 $ 3,603 $ 145 $ 417 $ 12,060 $ 2,913 Amortized premiums, discounts, and capitalized expenses related to indebtedness 2,075 3,034 79 136 3,857 2,588 Reasonable approximation of interest within rental expense 131 26 20 72 1,139 302 -------- ------- -------- -------- -------- -------- Total Fixed Charges 6,384 6,663 244 625 17,056 5,803 Preferred equity dividends 466 378 113 - - - -------- ------- -------- -------- -------- -------- Total Fixed Charges and Preferred Equity Dividends $ 6,850 $ 7,041 $ 357 $ 625 $ 17,056 $ 5,803 ======= ======= ======== ======== ======== ======== Earnings Computation Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees $(28,402) $ 8,642 $ 14,468 $ 40,236 $ 60,081 $ 16,252 Plus Fixed charges 6,850 7,041 357 625 17,056 5,803 Minus Interest capitalized - - - - 230 161 -------- ------- -------- -------- -------- -------- Total Earnings $(21,552) $15,683 $ 14,825 $ 40,861 $ 76,907 $ 21,894 ======== ======= ======== ======== ======== ======== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends N/A 2.23 41.53 65.38 4.51 3.77 Dollar amount of Deficiency $(28,402) N/A N/A N/A N/A N/A