EX-12 3 a04-3512_1ex12.htm EX-12

Exhibit 12

 

Calculation of Earnings (Deficiency) to Fixed Charges
(in thousands)

 

 

 

2003

 

2002

 

2001

 

EARNINGS

 

 

 

 

 

 

 

Pretax loss

 

$

(274

)

$

(3,018

)

$

(2,005

)

Fixed charges

 

35,045

 

34,916

 

34,666

 

Capitalized interest

 

 

(20,900

)

(30,258

)

Amortization of capitalized interest

 

2,160

 

807

 

 

Net total

 

36,931

 

11,805

 

2,403

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

 

 

Interest expense

 

34,232

 

13,163

 

3,592

 

Capitalized interest

 

 

20,900

 

30,258

 

Other

 

813

 

853

 

816

 

Total

 

$

35,045

 

$

34,916

 

$

34,666

 

 

The dollar amount of earnings (deficiency) to fixed charges for 2003, 2002, and 2001 (in thousands) was $1,886, $(23,111), and $(32,263), respectively.