EX-12.1 2 g88160exv12w1.htm EX-12.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EX-12.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED
 

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following illustrates the computation of the ratio of earnings to fixed charges for the six months ended June 30, 2004 and the year ended December 31, 2003. The earnings for the years ended December 31, 2002 through 1999 and for the six months ended June 30, 2003 were inadequate to cover total fixed charges. The coverage deficiencies for the years ended December 31, 2002 through 1999 were (in thousands): $63,192, $6,665,780, $3,082,114 and $287,992, respectively. The coverage deficiency for the six months ended June 30, 2003 was $1,395.

                 
    Six Months   Year
    Ended   Ended
    June 30, 2004
  December 31, 2003
Earnings:        
Income from continuing operations before income taxes
  $ 13,020     $ 20,745  
Add:
               
Fixed charges
    13,595       21,709  
 
   
 
     
 
 
Pretax net income as adjusted
  $ 26,615     $ 42,454  
 
   
 
     
 
 
Fixed charges:
               
Interest (includes amortization of debt issuance costs)
  $ 9,586     $ 15,214  
Interest factor in rent expense
    4,009       6,495  
 
   
 
     
 
 
Total fixed charges
  $ 13,595     $ 21,709  
 
   
 
     
 
 
Ratio of earnings to fixed charges
    2.0       2.0