Exhibit 12.1
Statement Regarding Compution of Ratio of Earnings to Fixed Charges
| Fiscal Year Ended December 31, |
Nine months Ended September 30, 2004 |
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| 1999 |
2000 |
2001 |
2002 |
2003 |
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| (dollars in thousands) | ||||||||||||||||||||||||
| Earnings |
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| Income (loss) from continuing operations before income taxes |
$ | 26,070 | $ | 54,829 | $ | (4,743 | ) | $ | (14,069 | ) | $ | (27,833 | ) | $ | (25,490 | ) | ||||||||
| Equity in operations of equity investee |
(94 | ) | (121 | ) | (7 | ) | (93 | ) | (26 | ) | (77 | ) | ||||||||||||
| Amortization of capitalized interest |
192 | 318 | 435 | 518 | 604 | 547 | ||||||||||||||||||
| Distributed income from equity investee |
— | 125 | — | — | 125 | — | ||||||||||||||||||
| Interest capitalized |
(2,270 | ) | (4,215 | ) | (1,816 | ) | (2,449 | ) | (2,006 | ) | — | |||||||||||||
| 23,898 | 50,936 | (6,131 | ) | (16,093 | ) | (29,136 | ) | (25,020 | ) | |||||||||||||||
| Fixed charges (1) |
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| Interest expense, as defined |
9,699 | 20,338 | 16,714 | 19,022 | 19,515 | 8,321 | ||||||||||||||||||
| Interest portion of rent expense |
347 | 419 | 645 | 570 | 568 | 575 | ||||||||||||||||||
| $ | 10,046 | $ | 20,757 | $ | 17,359 | $ | 19,592 | $ | 20,083 | $ | 8,896 | |||||||||||||
| Earnings for ratio calculation (2) |
$ | 33,944 | $ | 71,693 | $ | 11,228 | $ | 3,499 | $ | (9,053 | ) | $ | (16,124 | ) | ||||||||||
| Ratio of earnings to fixed charges (3) |
3.4 | 3.5 | N/A | N/A | N/A | N/A | ||||||||||||||||||
| Deficiency of earnings to fixed charges |
N/A | N/A | $ | (6,131 | ) | $ | (16,093 | ) | $ | (29,136 | ) | $ | (25,020 | ) | ||||||||||
| (1) | Fixed charges consist of interest expense (including interest expense relating to discontinued operations and capitalized interest) and that portion of rental expense the Company believes is representative of interest. |
| (2) | Earnings for ratio calculation consists of net income (loss) from continuing operations before income taxes and before equity in operations of equity investee, plus estimated amortization of capitalized interest and distributed income from equitee investee, less interest capitalized, plus fixed charges. |
| (3) | Due to the Company’s losses in the years ended December 31, 2001, 2002 and 2003 and the nine months ended September 30, 2004, the ratio coverage was less than 1:1. The Company would have had to generate additional earnings of $6,131, $16,093, $29,136 and $25,020, respectively, to achieve a coverage of 1:1. |