EX-12 5 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

 

Computation of

Ratio of Earnings to Fixed Charges

(in thousands)

 

     For the Year Ended

    For the Six Months
Ended


     December 31,
2001


   December 31,
2002


   December 31,
2003


   December 31,
2004


    June 30,
2004


   June 30,
2005


Total Interest Cost

                                          

Interest Expense

   $ 16,646    $ 16,207    $ 18,523    $ 17,698     $ 9,801    $ 5,438

Capitalized Interest

     3,075      3,867      2,734      3,004       911      2,110
    

  

  

  


 

  

Total Interest Cost (fixed charges)

     19,721      20,074      21,257      20,702       10,712      7,548
    

  

  

  


 

  

Pre-tax Income

     12,756      18,786      18,048      (3,803 )     6,768      20,576

Interest Expense

     16,646      16,207      18,523      17,698       9,801      5,438
    

  

  

  


 

  

Earnings

     29,402      34,993      36,571      13,895       16,569      26,014
    

  

  

  


 

  

Ratio of earnings to fixed charges

     1.49      1.74      1.72      0.67       1.55      3.45

 

If the Company adjusts its earnings to exclude the impact of loss on the early extinguishment of debt in the amount of $3,029, $22,443 and $1,698 for the 2001, 2004 and 2005 periods reflected above, the ratio of earnings to fixed charges, as so adjusted, would be 1.64x and 1.76x for the years ended December 31, 2001 and 2004, respectively, and 1.55x and 3.67x for the six-month periods ended June 30, 2004 and 2005, respectively.