EX-12.1 42 a2141636zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 
  Twelve months ended December 31,
  Six months ended
June

 
 
  1999
  2000
  2001
  2002
  2003
  2003
  2004
 
Earnings (losses):                                            

Income (loss) before provision for income taxes and cumulative effect of changes in accounting principles and minority interest income (loss)

 

$

13,844

 

$

13,753

 

$

8,521

 

$

11,705

 

$

6,730

 

$

7,006

 

$

(666

)

Add: fixed charges as adjusted (from below)

 

 

10,322

 

 

19,725

 

 

25,587

 

 

23,698

 

 

22,580

 

 

11,647

 

 

10,739

 
   
 
 
 
 
 
 
 
      24,166     33,478     34,108     35,403     29,310     18,653     10,073  

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

9,211

 

 

17,160

 

 

21,075

 

 

20,408

 

 

18,883

 

 

9,615

 

 

9,803

 
Amortization of debt issuance costs     511     1,332     2,012     1,113     1,157     578     578  
Rent expense attributable to interest cost     1,800     3,233     3,800     3,000     3,300     1,854     1,058  
   
 
 
 
 
 
 
 
Fixed charges     11,522     21,725     26,887     24,521     23,340     12,047     11,439  
Less: capitalized interest     (1,200 )   (2,000 )   (1,300 )   (823 )   (760 )   (400 )   (700 )
   
 
 
 
 
 
 
 

Fixed charges as adjusted

 

$

10,322

 

$

19,725

 

$

25,587

 

$

23,698

 

$

22,580

 

$

11,647

 

$

10,739

 
   
 
 
 
 
 
 
 

Ratio of earnings to fixed charges

 

 

2.1

 

 

1.5

 

 

1.3

 

 

1.4

 

 

1.3

 

 

1.5

 

 


 
   
 
 
 
 
 
 
 

(1)
For the purposes of determining the ratio of earnings to fixed charges, earnings consist of earnings (loss) before income tax expense (benefit), and minority interest income (loss). Fixed charges consist of interest expense which includes capitalized interest and amortization of capitalized interest, amortization of debt issuance costs and that portion of rent expense attributable to interest costs. Due to the loss before provision for income taxes and cumulative effect of changes in accounting principles for the six months ended June 30, 2004, the ratio coverage was less than 1:1. In order to achieve a coverage of 1:1, the Company would have had to generate additional income of approximately $1.4 million for the six months ended June 30, 2004.