EX-12.1 2 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,

 

Six Months Ending
June 30,

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

20,745

 

$

21,728

 

$

6,143

 

$

(8,256

)

$

6,828

 

$

17,542

 

$

13,467

 

Less: Capitalized interest

 

1,172

 

1,494

 

3,703

 

1,826

 

760

 

1,323

 

197

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

25,835

 

26,658

 

25,972

 

22,688

 

18,883

 

13,510

 

12,876

 

Debt issuance cost amortization

 

1,552

 

966

 

1,772

 

1,436

 

1,157

 

725

 

788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) as defined

 

$

46,960

 

$

47,858

 

$

30,184

 

$

14,042

 

$

26,108

 

$

30,454

 

$

26,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

25,835

 

$

26,658

 

$

25,972

 

$

22,688

 

$

18,883

 

$

13,510

 

$

12,876

 

Debt issuance amortization

 

1,552

 

966

 

1,772

 

1,436

 

1,157

 

725

 

788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges as defined

 

$

27,387

 

$

27,624

 

$

27,744

 

$

24,124

 

$

20,040

 

$

14,235

 

$

13,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.71

x

1.73

x

1.09

x

0.58

x*

1.30

x

2.14

x

1.97

x

 

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