EX-12 5 0005.txt EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------ ---------------------------------------------------------------------
For the year Ended December 31, 2000 1999 1998 1997 1996 (dollars in thousands) Pre-tax (loss) income before discontinued operations and extraordinary gains $(12,052) $7,095 $17,878 $10,813 $10,630 Fixed Charges: Interest expense 3,599 3,706 4,301 4,091 4,123 Capitalized interest 0 130 0 0 0 Interest relating to rental expense (1) 956 867 438 438 542 ------ ------ ------ ------ ------ Total fixed charges 4,555 4,703 4,739 4,529 4,665 Earnings available for fixed charges $(7,497) $11,798 $22,617 $15,342 $15,295 Ratio of earnings to fixed charges (1.65x) 2.51x 4.77x 3.39x 3.28x -------------------------
(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 year ended December 31, 2000 by $12,052,000; all other periods had sufficient income to cover charges. PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31, 2000 (1) --------------------- (dollars in thousands) Pre-tax (loss) income before $(10,195) discontinued operations and extraordinary gains Fixed Charges: Interest expense 1,615 Capitalized interest 0 Interest relating to rental expense (2) 956 ------ Total fixed charges 2,571 ------ Earnings available for fixed $(7,624) charges Ratio of earnings to fixed (2.97x) charges ------------------------- (1) Assumes the exchange as of January 1, 2000 of $27,059,000 in principal amount of old junior subordinated debentures for $20,000,000 in cash and $20,000,000 in principal amount of old junior subordinated debentures for $20,000,000 in principal amount of new senior debentures. (2) 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 year ended December 31, 2000 by $10,195,000.