EX-12.1 4 g96495exv12w1.txt EX-12.1 RATIOS OF EARNINGS TO COMBINED CHARGES & DIVIDENDS EXHIBIT 12.1 Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends For the purpose of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, earnings are defined as earnings from continuing operations before income taxes plus fixed charges, less preferred stock dividends. Fixed charges are defined as interest expensed, plus amortized premiums, discounts and capitalized expenses related to indebtedness, plus an estimate of the interest within rental expense. Preferred stock dividends are divided by 100% minus the effective income tax rate.
Three Months Ended March 31, Year Ended December 31, --------------- ------------------------------------------------------- 2005 2004 2003 2002 2001 2000 ------- ------- ------- ------- ------- ------- EARNINGS: INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES $ 5,455 $27,452 $ 9,041 $ 4,677 $ 990 $ (528) FIXED CHARGES, LESS PREFERRED STOCK DIVIDENDS 4,108 21,219 15,792 5,782 2,742 1,817 TOTAL EARNINGS 9,563 48,671 24,833 10,459 3,732 1,289 FIXED CHARGES: INTEREST EXPENSE, INCLUDING AMORTIZED PREMIUMS, DISCOUNTS AND CAPITALIZED EXPENSES RELATED TO INDEBTEDNESS 3,523 18,964 14,781 5,564 2,660 1,723 INTEREST COMPONENT OF RENTAL EXPENSE 585 2,255 1,011 218 82 94 ------- ------- ------- ------- ------- ------- 4,108 21,219 15,792 5,782 2,742 1,817 PREFERRED STOCK DIVIDENDS -- 1,069 1,308 -- -- -- COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 4,108 $22,288 $17,100 $ 5,782 $ 2,742 $ 1,817 RATIO OF HISTORICAL EARNINGS TO FIXED CHARGES(a) 2.33x 2.18x 1.45x 1.81x 1.36x -- ======= ======= ======= ======= ======= =======
(a) Our earnings were insufficient to cover our fixed charges by $0.5 million for the year ended December 31, 2000.