EX-12 3 exhibit_12.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratio data)
Years Ended December 31, 1998 1999 2000 2001 2002 -------- --------- -------- -------- -------- Earnings: Income before taxes and minority interests......................... $ 11,604 $ 17,380 $ 13,539 $ 18,793 $ 27,234 Add: fixed charges................... 26,313 29,998 29,847 28,355 26,205 Deduct: interest capitalized......... (223) (981) -------- --------- -------- -------- -------- Earnings, as adjusted................ $ 37,917 $ 47,378 $ 43,163 $ 46,167 $ 53,439 ======== ========= ========= ======== ======== Computation of fixed charges: Interest, expensed and capitalized $ 23,779 $ 26,985 $ 26,834 $ 25,205 $ 21,970 Interest portion of rent expense.. 2,534 3,013 3,013 3,150 4,235 -------- --------- --------- -------- -------- Total fixed charges.................. $ 26,313 $ 29,998 $ 29,847 $ 28,355 $ 26,205 ======== ========= ========= ======== ======== Ratio of earnings to fixed charges... 1.4x 1.6x 1.5x 1.6x 2.0x