EX-12 3 a04-3434_1ex12.htm EX-12

Exhibit 12

 

Computation of Earnings/ (Deficiency) To Fixed Charges

 

 

 

For the Years Ended December 31

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

(thousands)

 

(Loss)/Income from continuing operations

 

$

(8,311

)

$

(1,599

)

$

1,035

 

$

(531

)

$

(2,641

)

Fixed Charges

 

27,093

 

27,389

 

27,469

 

27,777

 

14,237

 

Capitalized Interest

 

—

 

—

 

(27,171

)

(24,668

)

(8,438

)

Amortization of Capitalized Interest

 

2,520

 

2,520

 

21

 

—

 

—

 

Net Total

 

21,302

 

28,310

 

1,354

 

2,578

 

3,158

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

26,956

 

27,244

 

153

 

2,935

 

5,755

 

Capitalized Interest

 

—

 

—

 

27,171

 

24,668

 

8,438

 

Other

 

137

 

145

 

145

 

174

 

44

 

Total

 

27,093

 

27,389

 

27,469

 

27,777

 

14,327

 

Earnings to Fixed Charges

 

(5.791

)

921

 

(26,115

)

(25,199

)

(11,169

)

Ratio of Earnings to Fixed Charges

 

.79

 

1.03

 

.05

 

.09

 

.22