EX-12.1 2 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

three months

ended

March 31,

  
     1999
     2000
     2001
     2002
     2003
     2004
     2003
  

Interest expense

    $ 993     $ 2,092     $ 2,319     $ 10,322     $ 14,849       4,029       3,642  

Capitalized interest

      —         —         —         —         —                    

Amortization of premiums, discounts and capitalized expenses related to indebtedness

      195       310       185       1,031       2,375       426       403  

Estimated interest portion of rental expense

      7,115       7,286       6,961       7,378       9,518       2,413       2,379  
    
 
 
 
 
 
 

Fixed charges

    $ 8,303     $ 9,688     $ 9,465     $ 18,731     $ 26,742     $ 6,868     $ 6,424  
    
 
 
 
 
 
 

Income (loss) before income taxes

    $ 2,869     $ 70,496     $ 38,871     $ (18,617 )   $ 1,129       2,624       4,499  

Fixed charges

      8,303       9,688       9,465       18,731       26,742       6,868       6,424  

Less: interest charges capitalized

      0       0       0       0       0       0       0  

Amortization of capitalized interest

      0       0       0       0       0       0       0  
    
 
 
 
 
 
 

Earnings (loss)

    $ 11,172     $ 80,184     $ 48,336     $ 114     $ 27,871     $ 9,492     $ 10,923  
    
 
 
 
 
 
 

Ratio of earnings to fixed charges

      1.35 x     8.28 x     5.11 x     *       1.04 x     1.38 x     1.70 x

 

* 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.