Exhibit 12
Statement of Computation of Ratio of Earnings to Fixed Charges
| Year ended December 31, |
Nine months ended September 30, | ||||||||||||||||||||||||||
| 1999 |
2000 |
2001 |
2002 |
2003 |
2003 |
2004 | |||||||||||||||||||||
| (Amounts in thousands) Restated | Restated | ||||||||||||||||||||||||||
| Earnings: |
|||||||||||||||||||||||||||
| Income (loss) before income taxes and minority interest |
$ | 32,304 | $ | 411 | $ | (4,639 | ) | $ | 11,268 | $ | (1,496 | ) | $ | 5,425 | $ | 5,282 | |||||||||||
| (Less)/Add: Equity (earnings) losses |
(2,265 | ) | (3,060 | ) | (3,131 | ) | (2,403 | ) | (789 | ) | (847 | ) | 135 | ||||||||||||||
| Add: Dividends |
450 | 750 | 1,054 | 2,828 | 150 | — | — | ||||||||||||||||||||
| Sub-total: |
30,489 | (1,899 | ) | 6,716 | 11,693 | (2,135 | ) | 4,578 | 5,417 | ||||||||||||||||||
| Add: Total fixed charges (per below) |
14,911 | 19,954 | 12,581 | 11,255 | 17,945 | 10,956 | 21,619 | ||||||||||||||||||||
| Less: Interest capitalized |
520 | 1,067 | 336 | 212 | 152 | 122 | 143 | ||||||||||||||||||||
| Total Earnings |
44,880 | 16,988 | 5,529 | 22,736 | 15,658 | 15,412 | 26,893 | ||||||||||||||||||||
| Fixed Charges: |
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| Interest expense, including interest capitalized |
13,535 | 18,557 | 11,374 | 9,939 | 15,958 | 9,641 | 20,091 | ||||||||||||||||||||
| Portion of rental expense representative of the interest factor |
1,376 | 1,397 | 1,207 | 1,316 | 1,987 | 1,315 | 1,528 | ||||||||||||||||||||
| Total fixed charges |
14,911 | 19,954 | 12,581 | 11,255 | 17,945 | 10,956 | 21,619 | ||||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
3.0 | (a | ) | (a | ) | 2.0 | (a | ) | 1.4 | 1.2 | |||||||||||||||||
| (a) | For fiscal 2000, 2001 and 2003, earnings were insufficient to cover fixed charges by approximately $2,966, $7,052 and $2,287, respectively. |