EX-12 3 doc2.txt EXHIBIT 12 Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For the purpose of computing the ratio of earnings to fixed charges, earnings consist of income before extraordinary items, income taxes and minority interest plus fixed charges, excluding capitalized interest. Fixed charges consist of interest costs, whether expensed or capitalized, the interest component of rental expense, amortization of debt costs, discounts and issue costs, whether expensed or capitalized, and preferred stock dividends. The following table sets forth our ratios of earnings to fixed charges for the periods shown:
JULY 15, 1998 YEARS ENDED DECEMBER 31, (INCEPTION) ------------------------- TO DECEMBER 31, 2001 2000 1999 1998 ------- ------- ------- --------------- Pretax income $11,206 $ 8,385 $ 9,791 $3,275 Fixed charges: Interest expense 2,772 2,441 2,418 836 Amortization of debt costs 9 - - - Rent expense representing an interest factor - - - - Preferred stock dividends - - - - ------- ------- ------- ------ Earnings available for fixed charges $13,987 $10,826 $12,209 $4,111 ======= ======= ======= ====== Fixed charges: Interest expense $ 2,772 $ 2,441 $ 2,418 $ 836 Capitalized interest - - - - Amortization of debt costs 9 - - - Rent expense representing an interest factor - - - - Preferred stock dividends - - - - ------- ------- ------- ------ $ 2,781 $ 2,441 $ 2,418 $ 836 ======= ======= ======= ====== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 5.03x 4.44x 5.05x 4.92x ======= ======= ======= ======