EX-12 22 dex12.htm STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratios of Earnings to Fixed Charges

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:

                                                     

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.