EX-12 2 a04-5485_2ex12.htm EX-12

Exhibit 12

 

(in thousands)

 

 

 

For the three months ended March 31,

 

 

 

2004

 

2003

 

Fixed Charges Computation:

 

 

 

 

 

Preferred stock dividend

 

$

772

 

$

297

 

 

 

 

 

 

 

Interest expense, including amortization of debt issuance costs, on convertible debt

 

527

 

—

 

 

 

 

 

 

 

Total fixed charges and preferred dividends

 

1,299

 

297

 

 

 

 

 

 

 

Earnings Computation:

 

 

 

 

 

(Loss) profit before equity in income of investee

 

4,457

 

(8,028

)

Add:

 

 

 

 

 

Fixed charges

 

1,299

 

297

 

 

 

 

 

 

 

Earnings as adjusted

 

$

5,756

 

$

(7,731

)

 

 

 

 

 

 

Ratio of earning to fixed charges  (a)

 

10.9

x 

N/A

 

 

 

 

 

 

 

Ratio of earning to fixed charges and preferred dividends (a)

 

4.4

x 

N/A

 

 

(a)

 

For the three months ended March 31, 2003 earnings were not sufficient to cover fixed charges plus preferred dividends by approximately $8.0 million.