EX-12.1 13 v16092a1exv12w1.txt EXHIBIT 12.1 . . . EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, Three Months Ended March 31, 2001 (1) 2002 2003 2004 2005 2006 ---- ---- ---- ---- ---- --------------- (dollars in thousands) Fixed charges : Interest expense (including amortized debt issuance cost).......................... $ -- $ 839 $ 8,892 $ 23,353 $ 16,296 Capitalized interest....................... 62 1,721 11 3,534 3,643 ------------------------------------------------------------------------------------ Total fixed charges............................ 62 2,560 8,903 26,887 19,939 Add amortization of capitalized interest....... -- -- 82 127 66 Less interest capitalized...................... (62) (1,721) (11) (3,534) (3,643) Income (loss) before income taxes and minority interest....................... (1,215) 1,163 24,913 774 10,950 ------------------------------------------------------------------------------------ Total earnings (loss) before fixed charges..... $ (1,215) $ 2,002 $ 33,887 $ 24,254 $ 27,312 Ratio of earning to fixed charges(2)........... * 0.78(3) 3.81 0.90(3) 1.37
------------ * Our earnings were inadequate to cover fixed charges for the year ended December 31, 2002. Earnings were $1.3 million less than fixed charges. (1) There were no fixed charges incurred during 2001. Accordingly, the computation of the ratio of earnings to fixed charges is not presented. (2) For the purpose of determining the ratio of earnings to fixed charges, earnings are defined as pretax income from continuing operations before adjustment for minority interest in consolidated subsidiary plus fixed charges and amortization of capitalized interest, less capitalized interest. Fixed charges consist of interest expense, which includes amortized debt issuance costs and capitalized interest. (3) The additional earnings needed to cover fixed charges in 2003 and 2005 were $558,000 and $2.6 million, respectively.