EX-12.1 102 g83903exv12w1.txt EX-12.1 COMPUTATION OF RATIO OF EARNINGS . . . EXHIBIT 12.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, Year Ended December 31, ------------------ ----------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 ------- ------- ------- ------- ------- ------- ------- (dollars in thousands) Earnings: Income (loss) from continuing operations $ 1,862 $ 776 $ 4,677 $ 990 $ (528) $(2,593) $(2,567) before income taxes Fixed charges 1,482 1,420 5,782 2,742 1,817 433 146 ------- ------- ------- ------- ------- ------- ------- Total earnings $ 3,344 $ 2,196 $10,459 $ 3,732 $ 1,289 $(2,160) $(2,421) Fixed charges: Interest expense, including amortized $ 1,420 $ 1,372 $ 5,564 $ 2,660 $ 1,723 $ 371 $ 98 premiums, discounts and capitalized expenses related to indebtedness Interest component of rental expense (1) 62 48 218 82 94 62 48 ------- ------- ------- ------- ------- ------- ------- Total fixed charges $ 1,482 $ 1,420 $ 5,782 $ 2,742 $ 1,817 $ 433 $ 146 ------- ------- ------- ------- ------- ------- ------- Ratio of historical earnings to fixed charges 2.26x 1.55x 1.81x 1.36x 0.71x -4.99x -16.58x ======= ======= ======= ======= ======= ======= =======
PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
Three Months Ended Year Ended March 31, December 31, -------- ---------- 2003 2002 -------- ---------- (dollars in thousands) Earnings: Income (loss) from continuing operations $ 1,211 $ 13,307 before income taxes Fixed charges 5,513 21,973 -------- -------- Total earnings $ 6,724 $ 35,280 Fixed charges: Interest expense, including amortized $ 5,076 $ 20,384 premiums, discounts and capitalized expenses related to indebtedness Interest component of rental expense (1) 437 1,589 -------- -------- Total fixed charges $ 5,513 $ 21,973 ======== ======== Ratio of pro forma earnings to fixed charges 1.22x 1.61x ======== ========
(1) Represents 25% of rent expense, which management believes is representative of the interest component.