EX-12.1 5 a08-4387_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Statement of Computation of Ratios

 

Ratio of earnings to fixed charges is computed by dividing income before taxes and fixed charges by fixed charges.  Fixed charges consist of interest charges, capitalized interest and amortization of debt issuance costs.

 

 

 

Fiscal Years Ending December 31,

 

Three Months Ending
March 31,

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

20,745

 

$

21,728

 

$

6,143

 

$

(8,256

)

$

6,828

 

$

8,195

 

$

1,200

 

Less: Capitalized interest

 

1,172

 

1,494

 

3,703

 

1,826

 

760

 

501

 

18

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

25,835

 

26,658

 

25,972

 

22,688

 

18,883

 

6,744

 

6,405

 

Debt issuance cost amortization

 

1,552

 

966

 

1,772

 

1,436

 

1,157

 

362

 

394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) as defined

 

$

46,960

 

$

47,858

 

$

30,184

 

$

14,042

 

$

26,108

 

$

14,800

 

$

7,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

25,835

 

$

26,658

 

$

25,972

 

$

22,688

 

$

18,883

 

$

6,744

 

$

6,405

 

Debt issuance amortization

 

1,552

 

966

 

1,772

 

1,436

 

1,157

 

362

 

394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

$

27,387

 

$

27,624

 

$

27,744

 

$

24,124

 

$

20,040

 

$

7,106

 

$

6,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.71x

 

1.73x

 

1.09x

 

0.58x*

 

1.30x

 

2.08x

 

1.17x

 

 

* For the fiscal year ended December 31, 2004, fixed charges exceeded earnings by approximately $10.1 million.