Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
(dollars in thousands)
| For the Year Ended December 31, |
For the Six Months Ended Ended June 30, |
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| 1999 |
2000 |
2001 |
2002 |
2003 |
2003 |
2004 |
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| Ratio of Earnings to Fixed Charges: |
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| Interest expense |
$ | 993 | $ | 2,092 | $ | 2,319 | $ | 10,322 | $ | 14,849 | $ | 7,056 | $ | 8,070 | ||||||||||||||
| Capitalized interest |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Amortization of premiums, discounts and capitalized expenses related to indebtedness |
195 | 310 | 185 | 1,031 | 2,375 | 918 | 956 | |||||||||||||||||||||
| Estimated interest portion of rental expense |
7,115 | 7,286 | 6,961 | 7,378 | 9,518 | 4,759 | 4,826 | |||||||||||||||||||||
| Fixed charges |
$ | 8,303 | $ | 9,688 | $ | 9,465 | $ | 18,731 | $ | 26,742 | $ | 12,733 | $ | 13,852 | ||||||||||||||
| Income (loss) before income taxes |
$ | 2,869 | $ | 70,496 | $ | 38,871 | $ | (18,617 | ) | $ | 1,129 | $ | 9,591 | $ | 7,351 | |||||||||||||
| Fixed charges |
8,303 | 9,688 | 9,465 | 18,731 | 26,742 | 12,733 | 13,852 | |||||||||||||||||||||
| 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 | $ | 22,324 | $ | 21,203 | ||||||||||||||
| Ratio of earnings to fixed charges |
1.35 | x | 8.28 | x | 5.11 | x | * | 1.04 | x | 1.75 | x | 1.53 | 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. |