EX-12.1 3 dex121.htm STATEMENT OF COMPUTATION OF RATIOS Statement of Computation of Ratios

Exhibit 12.1

 

Computation of Ratios of Earnings to Fixed Charges

(dollars in thousands)

 

Ratio of Earnings to Fixed Charges:

 

     For the Year Ended December 31,

   

For the Nine Months

Ended September 30,


 
     1998

   1999

   2000

   2001

   2002

    2002

    2003

 

Interest expense

   $ 768    $ 993    $ 2,092    $ 2,319    $ 10,322     $ 6,814     $ 10,756  

Capitalized interest

     —        —        —        —        —         —         —    

Amortization of premiums, discounts and capitalized expenses related to indebtedness

     166      195      310      185      1,031       894       1,743  

Estimated interest portion of rental expense

     7,201      7,115      7,286      6,961      7,378       5,533       7,138  
    

  

  

  

  


 


 


Fixed charges

   $ 8,135    $ 8,303    $ 9,688    $ 9,465    $ 18,731     $ 13,241     $ 19,637  
    

  

  

  

  


 


 


Income (loss) before income taxes

   $ 21    $ 2,869    $ 70,496    $ 38,871    $ (18,617 )   $ (31,402 )   $ (12,980 )

Fixed charges

     8,135      8,303      9,688      9,465      18,731       13,241       19,637  

Less: interest charges capitalized

     0      0      0      0      0       0       0  

Amortization of capitalized interest

     0      0      0      0      0       0       0  
    

  

  

  

  


 


 


Earnings (loss)

   $ 8,156    $ 11,172    $ 80,184    $ 48,336    $ 114     $ (18,161 )   $ 6,657  
    

  

  

  

  


 


 


Ratio of earnings to fixed charges

     1.00x      1.35x      8.28x      5.11x      *       *       *  

 

*   Earnings are inadequate to cover fixed charges in these periods. Earnings were insufficient to cover fixed charges by $18,617 for the year ended December 31, 2002 and by $12,980 and $31,402 for the nine months ended September 30, 2003 and 2002, respectively.