EX-12 19 0019.txt EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended For the year Ended December 31, September 30, ----------------- --------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- ---- ---- (dollars in thousands) (dollars in thousands) Pre-tax (loss) income before $(14,007) $11,854 $7,095 $17,878 $10,813 $10,630 $9,083 discontinued operations and extraordinary gains Fixed Charges: Interest expense 2,717 2,751 3,706 4,301 4,091 4,123 4,868 Capitalized interest 0 130 130 0 0 0 0 Interest relating to rental 704 632 867 438 438 542 491 ------ ------ ------ ------ ------ ------ ------ expense (1) Total fixed charges 3,421 3,513 4,703 4,739 4,524 4,665 5,359 Earnings available for fixed $(10,586) $15,367 $11,798 $22,617 $15,342 $15,295 $14,442 charges Ratio of earnings to fixed charges (3.09x) 4.37x 2.51x 4.77x 3.39x 3.28x 2.69x ------------------------------------ ------------ ---------- ---------- ----------- ---------- ------------ ----------
------------------------- (1) The representative interest portion of rental expense was deemed to be one-third of all rental expense. Earnings were not sufficient to cover fixed charges during the first nine months of 2000 by $14,007,000; all other periods had sufficient income to cover charges. PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
Nine Nine Nine Months Months Year Months Year Ended Year Ended Ended Ended Ended Ended September December September December September December 30, 2000 31, 1999 30, 2000 31, 1999 30, 2000 31, 1999 --------- --------- --------- -------- --------- --------- Presentation One (1) Presentation Two (2) Presentation Three (3) (dollars in thousands) (dollars in thousands) (dollars in thousands) Pre-tax (loss) income before $(13,012) $6,907 $(13,747) $5,975 $(14,551) $4,962 discontinued operations and extraordinary gains Fixed Charges: Interest expense 1,382 1,840 2,116 2,772 3,176 4,126 Capitalized interest 0 130 0 130 0 130 Interest relating to rental 704 867 704 867 704 867 ------ ------ ------ ------ ------ ------ expense (4) Total fixed charges 2,086 2,837 2,820 3,769 3,880 5,123 Earnings available for fixed $(10,926) $9,744 $(10,927) $9,744 $(10,671) $10,085 charges Ratio of earnings to fixed (5.24x) 3.44x (3.87x) 2.59x (2.75x) 1.97x charges ----------------------------------- ------------ ------------ ------------ ---------- ------------ -----------
------------------------- (1) Presentation One assumes the exchange of $47,059,000 in principal amount of old junior subordinated debentures for $10,237,500 in cash and $27,559,000 in principal amount of new 9% senior subordinated debentures. (2) Presentation Two assumes the exchange of $47,059,000 in principal amount of old junior subordinated debentures for $5,250,000 in cash and $37,059,000 in principal amount of new 9% senior subordinated debentures. (3) Presentation Three assumes the exchange of $47,059,000 in principal amount of old junior subordinated debentures for $47,059,000 in principal amount of new 9% senior subordinated debentures. (4) The representative interest portion of rental expense was deemed to be one-third of all rental expense. Pro forma earnings were not sufficient to cover fixed charges during the first nine months of 2000 by $13,012,000 for presentation one, $13,747,000 for presentation two and $14,551,000 for presentation three; all other periods had sufficient income to cover charges.