EX-12.1 15 dex121.htm STATEMENT RE COMPUTATION OF RATIOS Statement re Computation of Ratios

Exhibit 12

 

STATEMENT RE: COMPUTATION OF RATIOS

 

          Year Ended December 31,
  
   6/30/04
    2003
    2002
    2001
     2000
    1999
  
     (dollars in thousands, except ratios)  

Earnings:

                                             

Pre-tax income (loss)

    $ 40    $ 17,899    $ 18,859    $ 21,366     $ 8,538    $ (94,636 )

Less: equity in affiliates

      —        79      126      (616 )     1,069      (600 )
    
  
  
  
 
  
       40      17,820      18,733      21,982       7,469      (94,036 )

Fixed Charges (1):

                                             

Interest expense, gross (2)

      3,015      2,638      2,061      5,112       5,313      6,585  

Interest portion of rent expense

      1,280      2,661      1,902      1,062       920      949  
    
  
  
  
 
  

a) Fixed charges

      4,295      5,299      3,963      6,174       6,233      7,534  
    
  
  
  
 
  

b) Earnings for ratio (3)

      4,335      23,119      22,696      28,156       13,702      (86,502 )

Ratios:

                                             

Earnings to fixed charges (b/a)

      1.0      4.4      5.7      4.6       2.2      —    

Deficit of earnings to fixed charges

      n/a      n/a      n/a      n/a       n/a      (94,036 )
(1) Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
(2) Interest expense, gross includes amortization of prepaid debt fees and accretion of debt discount.
(3) Earnings consist of income from continuing operations before income taxes plus fixed charges.