EX-12 2 ex12.htm EXHIBIT 12 Unassociated Document
 
EXHIBIT 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
 

   
For the six months ended   
  
   
June 30,   
  
 
  
2005
 
 2004
  
            
EARNINGS
           
Pre-tax income (loss)
  
$
(26,130
)
$
18,968
  
Fixed charges
    
8,662
   
6,556
 
Total
  
$
(17,468
)
$
25,524
  
               
FIXED CHARGES
              
Interest expense and amortization of debt discount
              
and premium on all indebtedness
  
$
8,009
  
$
5,899
  
Interest portion of rental expenses
    
653
   
657
 
Total fixed charges
  
$
8,662
  
$
6,556
  
               
               
Ratio of earnings to fixed charges
    
(a
)
  
3.9 x
  
               
(a) Earnings were insufficient to cover fixed charges by $26.1 million for the six months ended June 30, 2005.