EX-12.1 7 dex121.htm RATIO OF EARNING TO FIXED CHARGES Ratio of Earning to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 

      2003     2004    2005
     ($ in thousands)

Net income (loss)

    ($4,979 )   $3,108    $9,710

Plus fixed charges:

        

Interest expense

    —       1,404    2,888

Debt cost amortization

    —       313    628

Portion of rents representative of the interest factor

    381     441    496
               

Total fixed charges (1)

    381     2,158    4,012

Adjusted earnings (2)

    (4,598 )   5,266    13,722

Ratio (2 divided by 1)

    —       2.4    3.4
               

Fixed charges deficiency

    $4,979     $—      $—