EX-12 4 mar2803_ex12.htm Exhibit 12


Exhibit 12


Calculation of (Deficiency) Earnings To Fixed Charges


  As of December 31
      2002 2001   2000 1999
  (thousands)
EARNINGS                    
Pretax (Loss) Income     $ (1,599 ) $ 1,035   $ (531 ) $ (2,641 )
Fixed Charges       27,389     27,469     27,777     14,237  
Capitalized Interest       —     (27,171 )   (24,668 )   (8,438 )
Amortization of Capitalized Interest       2,520     21   —   —
Net Total       28,310     1,354     2,578     3,158  
 
FIXED CHARGES    
Interest Expense       27,244     153     2,935     5,755  
Capitalized Interest       —     27,171     24,668     8,438  
Other       145     145     174     44  
       
   
   
   
 
Total       27,389     27,469     27,777     14,327  
       
   
   
   
 
Ratio of Earnings to Fixed Charges       1.03     —     —     —  

The dollar amount of the deficiency of earnings to fixed charges for 2001, 2000, and 1999 (in thousands) was $26,115, $25,199, and $11,169, respectively.