EX-12 2 x12_shlf.txt COMPUTATION OF FIXED CHARGE RATIO EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar Amounts in Thousands) Two Month Three Months Ended Years Ended Fiscal Years Periods September June March December 31, Ended Ended 30, 30, 31, ---------------------- October 31, December 31, 2004 2004 2004 2003 2002 2001 2000 1999 2000 1999 Income from continuing operations before income taxes $2,243 $ (275) $ 582 $ 1,398 $ 929 $(35,827) $(17,156) $2,707 $(4,440) $(562) Add: Fixed charges (see below) 1,433 1,561 1,064 8,635 9,625 7,987 4,445 2,936 1,204 589 Amortization of capitalized interest - 1,347 - - - - - - - - ---------------------------------------------------------------------------------------- Earnings available for fixed charges $3,676 $2,633 $1,646 $10,033 $10,554 $(27,840) $(12,711) $5,643 $(3,236) $ 27 ---------------------------------------------------------------------------------------- Fixed Charges: Interest expense, including amortized discounts and capitalized debt expenses $ 968 $1,106 $ 703 $ 2,601 $ 2,137 $ 491 $ 114 $ 19 $ 29 $ 71 Interest component of rents and leases (a) 465 455 361 1,513 1,854 2,291 2,012 2,917 347 518 Preferred stock dividends accrued - - - 4,521 5,634 5,205 2,319 - 828 - ---------------------------------------------------------------------------------------- Total fixed charges $1,433 $1,561 $1,064 $ 8,635 $ 9,625 $ 7,987 $ 4,445 $2,936 $ 1,204 $ 589 ---------------------------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 2.6 1.7 1.5 1.2 1.1 (b) (b) 1.9 (b) (b) ----------------------------------------------------------------------------------------------------------------------------------- (a) Fixed Charges in excess of Earnings - - - $ 35,827 $ 17,156 - $ 4,440 $ 562