EX-12.1 3 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

 

     For the year ended December 31,

    

For the nine

months ended

September 30,


 
     1999

    2000

    2001

    2002

    2003

     2003

   2004

 
     (Restated)     (Restated)     (Restated)     (Restated)     Historical

    Pro Forma

             

Loss from continuing operations

   $ (17,392 )   $ (42,436 )   $ (16,388 )   $ (23,098 )   $ (67,102 )   $ (58,487 )    $ 708    $ (4,149 )

Provision (benefit) for income taxes

     (6,068 )     31,225       1,135       1,443       (99 )     (99 )      360      858  

Total fixed charges

     44,083       44,577       44,343       42,000       36,163       27,548        28,534      17,567  
    


 


 


 


 


 


  

  


     $ 20,623     $ 33,366     $ 29,090     $ 20,345     $ (31,038 )   $ (31,038 )    $ 29,602    $ 14,276  
    


 


 


 


 


 


  

  


Fixed charges

                                                                

Operating lease expense

   $ 5,051     $ 6,447     $ 5,583     $ 6,463     $ 5,353     $ 5,353      $ 3,994    $ 4,325  

Factored at one-third

   $ 1,684     $ 2,149     $ 1,861     $ 2,154     $ 1,784     $ 1,784      $ 1,331    $ 1,442  

Preferred stock dividends

     1,593       1,823       2,093       5,876       4,395       4,395        4,481      —    

Interest expense—gross

     40,806       40,605       40,389       33,970       29,984       21,369        22,722      16,125  
    


 


 


 


 


 


  

  


Total fixed charges

   $ 44,083     $ 44,577     $ 44,343     $ 42,000     $ 36,163     $ 27,548      $ 28,534    $ 17,567  
    


 


 


 


 


 


  

  


Ratio of earnings to fixed charges

     0.5x       0.7x       0.7x       0.5x       (0.9 )x     (1.13 )x      1.04x      0.81x  
    


 


 


 


 


 


  

  


Deficiency in fixed charge coverage ratio

   $ (23,460 )   $ (11,211 )   $ (15,253 )   $ (21,655 )   $ (67,201 )   $ (58,586 )    $ 1,068    $ (3,291 )