EX-12.1 5 a2135516zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

STATEMENTS RE COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 
   Year Ended December 31,
  
(in thousands)

   1998
   1999
   2000
   2001
   2002
   2003
  
Fixed Charges Computation:                                      
Preferred stock dividend   $ —   $ —   $ 14,382   $ 8,563   $ 2,344   $ 1,490  

Interest expense, including amortization of debt issuance costs, on convertible debt
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
863
 
   
 
 
 
 
 
 
  Total fixed charges and preferred dividends     —     —     14,382     8,563     2,344     2,353  

Earnings Computation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) profit before equity in income of investee     (114,426 )   (1,063,444 )   (329,527 )   (16,417 )   (22,659 )   8,094  
Add:                                      
  Fixed charges     —     —     14,382     8,563     2,344     2,353  
   
 
 
 
 
 
 
  Earnings as adjusted   $ (114,426 ) $ (1,063,444 ) $ (315,145 ) $ (7,854 ) $ (20,315 ) $ 10,447  
   
 
 
 
 
 
 

Ratio of earning to fixed charges
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
12.1
x

Ratio of earning to fixed charges and preferred dividends (a)
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
N/A
 
 
4.4
x
(a)
For the years ended December 31, 2000, 2001 and 2002 earnings were not sufficient to cover fixed charges plus preferred dividends by approximately $329.5 million, $16.4 million and $22.7 million, respectively.