EX-12.1 5 dex121.htm STATEMENT AND COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement and Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

     For the year ended December 31

 
     2005

   2004

    2003

    2002

    2001

 

Earnings:

                                       

Income (loss) before income taxes, minority interest, and cumulative effect of accounting change

   $ 75,238    $ (16,139 )   $ (1,496 )   $ 11,268     $ (4,639 )

Add (less): Equity earnings (loss)

     1,560      267       (789 )     (2,403 )     (3,131 )

Add: Dividends

     —        —         150       2,828       1,054  
    

  


 


 


 


Sub-total:

     76,798      (15,872 )     (2,135 )     11,693       (6,716 )

Add: Total fixed charges (per below)

     46,214      31,638       17,945       11,255       12,581  

Less: Interest capitalized

     1,301      436       152       212       336  
    

  


 


 


 


Total earnings (loss) before income taxes, minority interest, and cumulative effect of accounting change

   $ 121,711    $ 15,330     $ 15,658     $ 22,736     $ 5,529  
    

  


 


 


 


Fixed Charges:

                                       

Interest expense, including interest capitalized

   $ 43,187    $ 29,226     $ 15,958     $ 9,939     $ 11,374  

Portion of rental expense representative of the interest factor

     3,027      2,412       1,987       1,316       1,207  
    

  


 


 


 


Total fixed charges

   $ 46,214    $ 31,638     $ 17,945     $ 11,255     $ 12,581  
    

  


 


 


 


Ratio of Earnings to Fixed Charges

     2.6      (a )     (a )     2.0       (a )
    

  


 


 


 



(a) For fiscal years 2004, 2003 and 2001 earnings were insufficient to cover fixed charges by $16,308, $2,287 and $7,052, respectively.