EX-12.01 8 a2131268zex-12_01.htm EXHIBIT 12.01

Exhibit 12.01

 

The table below presents the ratio of earnings to fixed charges, ratio of earnings to combined fixed charges and preferred stock dividends, and the coverage deficiency for the three months ended March 28, 2004 and the last five fiscal years (dollar amounts in thousands).

 

 

 

For the Three
Months ended
March 28, 2004

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes (benefit), proportionate share of income (loss) of joint ventures, and cumulative effect of a change in accounting principle

 

$

5,001

 

$

28,119

 

$

23,586

 

$

(3,687

)

$

(14,047

)

$

17,400

 

Fixed charges

 

2,827

 

9,002

 

8,318

 

13,886

 

11,694

 

5,403

 

Distributed income of equity investee

 

—

 

372

 

—

 

—

 

—

 

—

 

Less: preference security dividend requirement

 

20

 

1,634

(1) 

2,105

 

2,150

 

2,322

 

2,488

 

Earnings available to cover fixed charges and preferred stock dividends

 

$

7,808

 

$

35,859

 

$

29,799

 

$

8,049

 

$

(4,675

)

$

20,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on indebtedness

 

$

2,356

 

$

6,903

 

$

5,518

 

$

10,606

 

$

8,876

 

$

2,332

 

Estimated interest expense within rental expense

 

451

 

465

 

695

 

1,130

 

496

 

583

 

Preference security dividend requirement

 

20

 

1,634

(1) 

2,105

 

2,150

 

2,322

 

2,488

 

Total fixed charges

 

$

2,827

 

$

9,002

 

$

8,318

 

$

13,886

 

$

11,694

 

$

5,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.8

 

4.0

 

3.6

 

deficiency

 

deficiency

 

3.8

 

Deficiency

 

 

 

 

 

 

 

$

5,837

 

$

16,369

 

 

 

 

(1) Does not include preferred stock repurchase premium of $35,198,000 incurred in December 2003.  If the premium were included the ratio would be .5 to 1.