EX-12.1 2 g96495a1exv12w1.txt EX-12.1 COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS EXHIBIT 12.1 COMPUTATION OF 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. 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.
Six Months Ended June 30, Year Ended December 31, 2005 2004 2003 2002 2001 2000 --------- --------- -------- -------- -------- ------- (dollars in thousands) EARNINGS: INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES $19,729 $27,452 $ 9,041 $ 4,677 $ 990 $ (528) FIXED CHARGES, LESS PREFERRED STOCK DIVIDENDS 8,044 21,219 15,792 5,782 2,742 1,817 TOTAL EARNINGS 27,773 48,671 24,833 10,459 3,732 1,289 FIXED CHARGES: INTEREST EXPENSE, INCLUDING AMORTIZED PREMUIMS, 6,844 18,964 14,781 5,564 2,660 1,723 DISCOUNTS AND CAPITALIZED EXPENSES RELATED TO INDEBTEDNESS INTEREST COMPONENT OF RENTAL EXPENSE 1,200 2,255 1,011 218 82 94 ------- ------- ------- ------- ------- ------- 8,044 21,219 15,792 5,782 2,742 1,817 PREFERRED STOCK DIVIDENDS -- 1,069 1,308 -- -- -- COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS $ 8,044 $22,288 $17,100 $ 5,782 $ 2,742 $ 1,817 RATIO OF HISTORICAL EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(A) 3.45x 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.